NEW YORK — Cryptocurrency costs plunged for a second-straight day Wednesday after crypto exchange Binance revealed it was pulling out of its offer to purchase its stoppingworking competitor FTX Trading.
Bitcoin and other cryptocurrencies were broadly lower on reports and news reports that the Binance-FTX offer was in problem. The CEOs of the 2 exchanges — Sam Bankman-Freid of FTX and Changpeng Zhao of Binance — had openly concurred to a merger Tuesday, pending the capability for Binance to carryout due diligence of FTX’s balance sheet.
That due diligence obviously led to substantial issues that persuaded it to pull out of the offer, Binance stated in a declaration Wednesday.
“In the starting, our hope was to be able to assistance FTX’s consumers to supply liquidit