• Michael Bacina

Binance pulls out of FTX acquisition, staff leave and websites go dark


Binance has pulled out of a proposed deal to acquire beleaguered crypto exchange FTX, announcing the move only 2 hours ago.

FTX has reportedly been scrambling to raise USD$2 - 3B in the last 48 hours to address a run on the exchange, without success. With news that the entire legal and compliance team of FTX resigned on Tuesday and the websites of Alameda Research and FTX Ventures have gone down. This is shaping up as a significant failure which will have far-reaching consequences.