Binance Quit the Deal to Save Competitor Crypto Exchange FTX Sam Bankman-Fried’s crypto business is on the brink of disintegrating as a result of Binance withdrawing from its plans to obtain FTX, the business announced on Wednesday. The decision to reverse course was made just one day after Binance CEO Changpeng Zhao revealed that the world’s largest cryptocurrency company had struck a non-binding agreement to acquire all of FTX’s international operations for an unknown sum, saving the company from a liquidity crunch. Private investors put FTX’s value at $32 billion earlier this year.
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