According to a person familiar with the matter, Binance is highly unlikely to go through with its proposed acquisition of FTX after less than a day of reviewing the company, CoinDesk reports.
After reviewing FTX's internal data and loan commitments for roughly half a day, Binance leaned against completing the transaction, the person said.
Previously, Binance had signed a non-binding LOI to acquire FTX, but Binance would need to perform due diligence.