Bitcoin hits lowest price in two years as Binance cancels FTX acquisition

Lachlan Keller

Wed, Nov 9, 2022, 9:40 PM1 min read

In this article:

Cryptocurrency prices fell across the board in Thursday morning trading in Asia as Binance Global Inc., the world’s biggest crypto exchange, said it was backing out of a deal to acquire struggling rival exchange FTX.com just 24 hours after making the offer, leaving FTX facing collapse if no other buyers emerge.

Binance tweeted on Thursday morning it was no longer planning to acquire FTX as a “result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.”

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Bitcoin hits lowest price in two years as Binance cancels FTX acquisition

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