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Cryptocurrency exchange Binance calls off acquisition of FTX

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Binance, the world's biggest cryptocurrency platform, said in an abrupt reversal that it was scrapping plans to acquire rival FTX.com.

AFP/Michael M. Santiago/Getty Images

Binance is owned by Changpeng Zhao, a onetime bitter rival of Bankman-Fried's who accused FTX.com of being insolvent before offering to come to the rescue on Tuesday. The company also mentioned recent press reports about mismanagement of client funds and investigations by US regulators.

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Business Maverick: Cryptocurrencies plunge as doubts about FTX-Binance deal growCryptocurrencies tumbled anew as news around Binance’s potential takeover of rival exchange FTX started to sink in and renewed trader concerns that there is trouble brewing within the industry and among some of its top players.
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