FTX CEO looking at all options after deal with Binance collapses

FTX CEO looking at all options after deal with Binance collapses

FILE PHOTO: FTX CEO Sam Bankman-Fried poses for a picture, in an unspecified location, in this undated handout picture, obtained by Reuters on July 5, 2022. FTX/Handout via REUTERS/File Photo

FTX Chief Executive Officer Sam Bankman-Fried told employees he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed on Wednesday after due diligence on the proposed bailout.

The proposed deal between Bankman-Fried and rival Binance Chief Executive Officer Changpeng Zhao had been the latest emergency rescue in the world of cryptocurrencies this year, as investors pulled out from riskier assets amid rising interest rates. The cryptocurrency market has fallen by about two-thirds from its peak to $1.07 trillion.

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