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Binance ditches deal to rescue rival crypto exchange FTX

Reversal comes after due diligence revealed concerns over business practices

Binance cited issues ‘beyond our control or ability to help’ as it walked away from a deal to buy FTX.   © Reuters

NEW YORK/LONDON/WASHINGTON (Financial Times) -- Binance will abandon its deal to rescue Sam Bankman-Fried's FTX cryptocurrency exchange, citing concerns about its business practices and investigations by U.S. financial regulators.

The move comes a day after Binance, one of the world's largest crypto trading venues, tentatively agreed to buy FTX after it suffered a liquidity crunch.

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