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World Business Report: First broadcast 10/11/2022 15:32 GMT : Binance pulls out of deal to rescue rival crypto firm FTX

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Binance pulls out of deal to rescue rival crypto firm FTX

First broadcast 10/11/2022 15:32 GMT 

First broadcast 10/11/2022 15:32 GMT : Binance pulls out of deal to rescue rival crypto firm FTX

BBC World Service - World Business Report, Binance pulls out of deal to rescue rival crypto firm FTX

Binance, has pulled out of a deal to acquire its rival FTX.

Binance pulls out of a deal to acquire a struggling rival, FTX, blaming reports of “mishandled customer funds” and “alleged US agency investigations”.

Central banks have, for a number of years, warned people about putting their money into cryptocurrencies because the value of digital coins is extremely volatile.

Now Binance, the world’s largest cryptocurrency exchange, has pulled out of a deal to acquire its rival FTX – with millions of dollars at stake.

We hear from Hungary where the government is freezing prices for eggs, chicken, pork and cooking oil, in an effort to tackle inflation.

Plus we hear about China’s Singles’ Day – one of the biggest shopping days in the world. 

(Pic: Rusty Bitcoin Sign is Demolishing and Collapsing.  Credit: Getty Images)

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First broadcast 10/11/2022 15:32 GMT : Binance pulls out of deal to rescue rival crypto firm FTX

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