10 November 2022 | Trades | CEOs

Binance refuse the deal to buy FTX, the crypto market is in a panic

Binance refused the acquisition of the competitor FTX. The amount of the deal is undisclosed.

The firm published the declaration in the Wall Street Journal. It states that Binance would like to support FTX clients, but the problems are apart from its possibility and competence.  

Head of Binance Changpeng Zhao talked about the deal on Tuesday. Also, he admitted that the deal will be pending until the completion of the due diligence process.

In case of success, this deal could unite two major crypto exchanges. According to Coingecko, as of Wednesday, Binance has $49 billion in its account. FTX accounted for $4 billion in trading volume over the past day. This is almost a quarter of the total cryptocurrency trading volume.

Bitcoin overcame the four-days fall, including a decrease of almost 16% on Wednesday. Its price rose about 3% to $16.200.

Subscribe to our newsletter and stay up to date with all the news!