Crypto exchange giant Binance is reportedly not going ahead with its intended deal to purchase FTX.
This follows because the Binance team has been doing in-depth research into the inner workings of the FTX crypto exchange and they have to determine if it is worth buying the company.
That streak, the study came to an end when Binance found that FTX was saddled with a number of debt burdens.
In fact, his company is also faced with mismanagement of user funds and is currently under investigation by the United States (US) authorities.
It is understood that the deal was not approved by Binance's Chief Executive Officer (CEO) Changpeng Zhao (CZ) due to the statement of FTX's financial records that witnessed poor performance.
Accordingly, Binance's top executive and his team expressed concern as it could have a negative impact on the company.
Generally, Binance is said to have signed the purchase agreement because they wanted to save FTX from liquidity constraints.
However, the plan failed overnight because the purchase of FTX was understood to cause more problems.
As of this writing, the FTT token owned by FTX is currently hovering in the $1.67 price zone shortly after Binance's statement was released.
