Binance Backs Out of Plans , To Acquire FTX.<br />Binance Backs Out of Plans , To Acquire FTX.<br />CNBC reports that FTX was rocked by <br />a sell-off that gained momentum... .<br />... after Binance CEO Changpeng Zhao publicly announced that his company was selling its holdings in FTT, its competitor's native token.<br />FTX CEO Samuel Bankman-Fried reportedly went to venture capitalists and other investors in addition to Binance in an attempt to remedy liquidity issues. .<br />Zhao later revealed that the world's largest cryptocurrency firm and FTX came to a nonbinding agreement that would have helped FTX avert its crisis.<br />But CNBC reports that one day after reaching that deal, on Nov. 9, Binance backed out.<br />Zhao also reportedly sent a memo to employees on Nov. 9 stating that he <br />"did not master plan" FTX's collapse
