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Crypto investors rattled as Binance reportedly leans against completing its acquisition of rival FTX

Binance, the world’s largest crypto exchange, is reportedly unlikely to follow through with its proposed acquisition of the non-U.S. assets of rival FTX, amid the latter’s liquidity crunch. 

After about half of a day of reviewing FTX’s internal data and loan commitments n Binance is leaning towards abandoning the deal, according to CoinDesk. Executives at Binance have found a gap, likely in billions and possibly more than $6 billion, between the liabilities and assets of FTX, Bloomberg reported, citing an anonymous source familiar with the matter. 

“We’re just 36 hours into the due diligence process,” a Binance spokesperson wrote to MarketWatch via email. “Once we have completed that, we will make a decision based on what’s in the best interest of Binance’s users across the globe.”