Binance Backs Out of Plans To Acquire FTX

CNBC reports that FTX was rocked by a sell-off that gained momentum after Binance CEO Changpeng Zhao publicly announced that his company was selling its holdings in FTT, its competitor's native token. FTX CEO Samuel Bankman-Fried reportedly went to venture capitalists and other investors in addition to Binance in an attempt to remedy liquidity issues.