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Business Matters: Cryptocurrency exchange Binance walks away from a bailout deal of rival FTX

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10/11/2022 GMT

Cryptocurrency exchange Binance walks away from a bailout deal of rival FTX

BBC World Service - Business Matters, Cryptocurrency exchange Binance walks away from a bailout deal of rival FTX

Crypto stocks fall as cryptocurrency exchange Binance walks away from deal with rival FTX

Bitcoin slumps to a two-year low and other digital assets are sold off following the sudden collapse of crypto exchange FTX Trading.

One of the world's largest cryptocurrency exchanges, Binance, has pulled out of a deal to acquire its struggling rival FTX, leaving the latter's future in doubt.  The near-collapse of FTX which was valued at $32 billion at the start  of the year  has shaken the crypto market, with Bitcoin and other currencies suffering steep falls. 

Rahul Tandon is joined by Tracy Wang, the deputy managing editor at Coindesk in New York, and entrepreneur Candy Valentino, the author of Wealth Habits: Six Ordinary Steps to Achieve Extraordinary Financial Freedom.

It is investment day at the climate change conference COP27 in Egypt. We hear from the Makhtar Sop Diop, the managing director of the International Finance Corporation, which is the private arm of the World Bank, about how Africa can pay for climate change.

Yongwook Ryu, assistant professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, talks to us about the ASEAN summit in Cambodia. The summit brings together the major economies from South East Asia. It is expected to focus on the global economy, amid rising inflation and the cost of living crisis. 

( Photo: Bitcoin representation at La Maison du Bitcoin in Paris Credit: Reuters)

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