Binance backs out of FTX deal hours after takeover bid
Image Credit: economic times
Binance has called off the FTX rescue operation a day after announcing a non-binding deal to buy its rival exchange. The world's largest exchange reached the decision after going through FTX's books as part of due diligence. The abandoned takeover attempt caps off what has been a tumultuous week for FTX, which was once the third-largest crypto exchange in the world.