Crypto’s biggest M&A deal, between Binance and FTX, looks unlikely to close

Crypto exchange Binance, the largest in the world by volume, signed a letter of intent Tuesday to purchase its troubled competitor, FTX, in what appears to be a potential bailout of the latter amid a liquidity crunch. But after less than a day of due diligence, Binance appears highly unlikely to go forward with the deal, sources told Coindesk.
Specifically, FTX’s loan commitments raised concerns among Binance’s top brass, Coindesk reported. The report comes shortly after Binance’s chief executive, Changpeng Zhao, tweeted that FTX “going down is not good for anyone in the indu

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