News
Binance Deal For FTX Collapses
Cryptocurrencies have been devastated this year as investors pulled out from riskier assets amid rising interest rates
Binance pulled out of the deal due to its corporate due diligence and reports of mishandled funds.
A deal for leading cryptocurrency exchange FTX has collapsed, as bigger rival Binance said it was pulling out after doing due diligence on the proposed acquisition.
Binance signed a non-binding agreement on Tuesday to buy FTX’s non-United States unit to help cover a “liquidity crunch” at the rival exchange, but the deal was subject to further due diligence.
“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,” Binance said in a statement on Wednesday.
A representative for FTX did not immediately respond to a request for comment, but Chief Executive Officer Sam Bankman-Fried told employees in a Slack message, viewed by the Reuters news agency, that Binance had not previously expressed reservations about the deal.
“We obviously just saw Binance’s statement,” Bankman-Fried said in the message. “They relayed that to the media first, not to us, and had not previously informed us or expressed those reservations.”
“I’ll keep fighting for those, as best as I can, as long as it’s correct for me to. I’m exploring all the options,” he said.
Bankman-Fried also told investors on Wednesday the cryptocurrency exchange needed emergency funding to cover a shortfall of up to $8bn due to withdrawal requests received in recent days, the Wall Street Journal reported, citing people familiar with the matter. The withdrawals were driven by speculations about FTX’s financial health.
Crypto hit
The turmoil over FTX has hit crypto prices. Bitcoin, the biggest cryptocurrency by market value, was last down 13 percent on the day at $16,277 and is down more than 60 percent for the year.
Binance CEO Changpeng Zhao earlier on Wednesday tweeted a letter to staff saying there was no “master plan” behind the deal and that “FTX going down is not good for anyone in the industry”, nor was it a win.
Zhao also urged investors not to trade FTT tokens and to ignore the prices.
FTX.com is also facing scrutiny from US regulators over its handling of customer funds, as well as its crypto-lending activities.
Cryptocurrencies have been devastated 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.
The latest development is a significant reversal of fortunes for Bankman-Fried who had positioned himself as the industry’s saviour by rescuing rivals who had gotten themselves into trouble earlier in the year.
East Ham, East London — 8 August 2026: The vibrant Igbo community in the UK came together for an unforgettable evening of entertainment, culture and social connection at Igbotic Game Night, one of the biggest social gatherings celebrating the Igbo community in the United Kingdom.
Among the night’s standout moments was an electrifying performance by Afrobeats artist Obeena, who took the stage and immediately captured the attention of the crowd.
Obeena delivered performances of two of his hit songs, “Wara Wara” and “Banging,” bringing his energetic sound and distinctive stage presence to the event. From the opening moments of his set, fans responded with excitement, singing along, dancing and enthusiastically supporting the artist.
His performance of “Wara Wara” created an instant connection with the audience, while “Banging” took the energy to another level. Obeena’s ability to engage the crowd transformed his set into one of the most memorable entertainment moments of the evening.
Held in East Ham, East London, on 8 August 2026, Igbotic Game Night provided a unique platform for members of the Igbo community to celebrate their heritage while enjoying music, games and social interaction. Events such as this continue to play an important role in bringing together Nigerians and the wider African diaspora in the UK.
For Obeena, the performance was another opportunity to showcase his growing artistry and connect directly with fans. His energetic delivery, stage confidence and ability to command the audience demonstrated why his live performances continue to attract attention.
By the end of his set, Obeena had left the crowd amazed and added another memorable chapter to his journey as an Afrobeats artist. His appearance at Igbotic Game Night was not simply a performance—it was a celebration of Nigerian music, culture and community.
With performances like this, Obeena continues to demonstrate his ambition to take his sound beyond the studio and onto major stages, connecting with audiences through music, energy and an unmistakable African identity.
Igbotic Game Night brought the Igbo community together. Obeena gave them a performance to remember.
Audio
KenryWhite Releases “Kilometers” & “The King” A Powerful Double Release Celebrating Faith, Purpose, and the Journey to Greatness
Nigerian Afrofusion artist KenryWhite unveils his compelling two-track release, “Kilometers & The King,” a project that explores the realities of life’s journey while affirming identity, faith, and purpose.
Leading the release is “Kilometers,” an uplifting anthem that reflects on the distance between dreams and fulfillment. Through heartfelt lyrics, captivating melodies, and vibrant Afrobeats production, KenryWhite encourages listeners to embrace the process, remain resilient, and keep moving forward despite life’s challenges.
Complementing the project is “The King,” featuring Wonder J. The record is a bold declaration of confidence, royalty, and divine purpose, blending infectious Afrobeats rhythms with inspiring lyricism. Together, the duo delivers a record that celebrates self-belief, leadership, and the mindset required to overcome every obstacle.
With rich storytelling, memorable melodies, and contemporary African sounds, “Kilometers & The King” showcases KenryWhite’s artistic growth while delivering music that inspires, motivates, and connects with audiences across the globe.
Now available on all major streaming platforms, “Kilometers & The King” invites listeners to embrace the journey, recognize their worth, and walk confidently into their purpose.
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