Binance, one of the top cryptocurrency exchanges, announced it would not go ahead with the purchase of FTX, another top cryptocurrency exchange and major Binance rival, reports Bloomberg.
The decision comes after Changpeng Zhao, nicknamed CZ by crypto Twitter, sold off its holdings of the FTX token, then considered the buyout of its competitor. But after looking through the balance sheet, Binance realized that the company had more liabilities than assets and was thus not worth the purchase.
Sam Bankman-Fried’s FTX is under investigation for mishandling of funds after reports emerged of token price manipulation.
