Shiba Inu (CRYPTO: SHIB) is lower by some 6.31% to $0.00000936 Wednesday morning. Shares of several altcoins are trading lower following a CoinDesk report suggesting Binance is leaning toward scrapping the FTX acquisition.
What Happened?
Our Benzinga team on Wednesday reported that, after less than a day of assessing the company, cryptocurrency exchange Binance is reportedly “very unlikely” to proceed with its proposed acquisition of struggling rival FTX.
Due diligence was a condition of Binance’s non-binding letter of intent for the acquisition, which was made public on Tuesday as FTX’s financial situation appeared to be spiraling out of hand.
See Also: What’s Going On With Amazon Shares
After evaluating FTX’s internal data and loan agreements for around half a day, Binance has decided strongly not to complete the deal, Coindesk reported Wednesday, citing an anonymous source.
According to data from Benzinga Pro, SHIB is lower by 19.91% over the trailing 7 sessions.
