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Binance Likely to Ditch FTX Deal: WSJ Report

Wed, 11/09/2022 - 20:03
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Alex Dovbnya
Binance has reportedly discovered a huge hole in FTX’s finances, according to a recent report by the Wall Street Journal
Binance Likely to Ditch FTX Deal: WSJ Report
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According to a Wednesday report published by the Wall Street Journalist, Binance appears to be on track to abandon its recently announced acquisition deal with rival FTX. 

As reported by U.Today, Binance said that it had signed a non-binding letter of intent (LOI) to fully acquire the embattled cryptocurrency trading platform.  

Binance's CZ Unveils 5 Points about FTX Situation, Here's What He Said

However, after reviewing FTX’s books, Binance is now likely to walk away from the deal. 

Earlier today, the price of Bitcoin plunged to a new two-year low of $16,446. 

The cryptocurrency market remains on the ropes amid what appears to be one of the most devastating crises for the industry.  

The WSJ also reported this Wednesday that the U.S. Securities and Exchange Commission had spent months investigating FTX prior to its apparent downfall. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at