FTX CEO Exploring All Options for Crypto Firm After Binance Deal Collapses

FTX Chief Executive Officer Sam Bankman-Fried told employees he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed on Wednesday.

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The proposed deal between Bankman-Fried and rival Chief Executive Officer Changpeng Zhao of Binance had been the latest emergency rescue in the world of cryptocurrencies this year, as investors pulled out from riskier assets in the wake of rising interest rates.

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The cryptocurrency market has fallen by about two-thirds from its peak to $1.07 trillion (roughly Rs. 87.3 lakh crore).

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"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," Binance said in a statement on Wednesday.

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It leaves Bankman-Fried, 30, who had previously been throwing lifelines to other faltering digital asset platforms, with dwindling options himself.

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"I'm working, as quickly as I can, on next steps here. I wish I could give you all more clarity than I can," said Bankman-Fried, who is from California but lives in the Bahamas where FTX is based, in a message to FTX employees seen by Reuters.

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FTX CEO Exploring All Options for Crypto Firm After Binance Deal Collapses

FTX CEO Sam Bankman-Fried told employees that Binance had not previously expressed reservations about the deal.

Brought to you by Trickyenough

FTX Chief Executive Officer Sam Bankman-Fried told employees he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed on Wednesday.

Brought to you by Trickyenough

The proposed deal between Bankman-Fried and rival Chief Executive Officer Changpeng Zhao of Binance had been the latest emergency rescue in the world of cryptocurrencies this year, as investors pulled out from riskier assets in the wake of rising interest rates.

Brought to you by Trickyenough

The cryptocurrency market has fallen by about two-thirds from its peak to $1.07 trillion (roughly Rs. 87.3 lakh crore).

Brought to you by Trickyenough

"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," Binance said in a statement on Wednesday.

Brought to you by Trickyenough

It leaves Bankman-Fried, 30, who had previously been throwing lifelines to other faltering digital asset platforms, with dwindling options himself.

Brought to you by Trickyenough

"I'm working, as quickly as I can, on next steps here. I wish I could give you all more clarity than I can," said Bankman-Fried, who is from California but lives in the Bahamas where FTX is based, in a message to FTX employees seen by Reuters.

Brought to you by Trickyenough