First: Wall Street Journal News of the withdrawal from the deal announced by Binance was subsequently confirmed by Binance’s Twitter account. In fact, this was the news that the cryptocurrency exchange was expecting. Some sources said Binance would pull out of the deal if FTX.US was not included in the deal.

Binance’s statement is as follows;

“As part of the latest news on corporate due diligence, misused client funds and investigations from US regulators, we have decided to discontinue the potential purchase of FTX.com.
Initially, we hoped to help FTX customers provide liquidity, but the issues are beyond our control and ability to help.
Retail investors will suffer if every major player in an industry fails. We have seen the crypto ecosystem become more resilient in recent years, and we believe that those who misuse user funds will be wiped out by the free market over time.
As regulatory frameworks are developed and the industry becomes more localized, the ecosystem will grow stronger.”

Bitcoin lost more than 11 percent

After the news that Binance had canceled its deal with FTX, BTC fell by more than 11 percent. At the time of writing, BTC is trading at $16,025.