Cryptocurrency exchange Binance calls off acquisition of FTX

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Binance, the world’s biggest cryptocurrency platform, said in an abrupt reversal Wednesday that it was scrapping plans to acquire rival FTX.com, citing reports of mishandled customer funds and alleged government probes.

The development is a further blow to FTX founder Sam Bankman-Fried who is considered a cryptocurrency wunderkind, but has suffered a spectacular reversal of fortune.

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.—AFP

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