Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover – Stefan Buchholz DOT com

Cryptocurrency exchange giant Binance is highly unlikely to go through with its proposed acquisition of struggling rival FTX after less than a day of reviewing the company, according to a person familiar with the matter. Binance’s non-binding letter of intent for the takeover — announced Tuesday as FTX’s financial position appeared to be spiraling out of control — hinged on Binance performing due diligence. Roughly half a day into that process of reviewing FTX’s internal data and loan commitments has led Binance to strongly lean against completing the transaction, the person said.

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