Binance walks out of FTX Deal after conducting Due Diligence – After signing a non-binding agreement to buy FTX yesterday, reports show that the Binance network has walked out of the deal. Reports show that a Binance exchange representative issued a public statement noting that FTX’s problems are too huge for Binance to help.

Binance cites ciscoveries made during due diligence

The statement said in part;

“Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.”

WSJ reported that the potential of Binance doing any deal with FTX is completely off.

Binance’s decision to walk out of the deal was triggered by the discoveries made when conducting due diligence on FTX. Moreover, the Binance statement highlighted that “the latest news reports regarding mishandled customer funds and alleged US agency investigations” also fueled their decision to leave the deal. Even before today, there were serious concerns about the financial health of the FTX network.

The regulatory troubles likely to face the exchange and its CEO, Sam Bankman Fried, are also among the factors considered when making this decision. The Binance spokesperson said;