Bloomberg called the acquisition of FTX by Binance “unlikely” due to the poor state of FTX’s finances. Bloomberg also reported that the United States Securities and Exchange Commission and Commodity Futures Trading Commission were investigating the nature of FTX’s connections to Bankman-Fried’s other holdings and its handling of client funds.

FTX announces its not processing withdrawals.

Wall Street Journal: SEC, DOJ Investigating Crypto Platform FTX

“It’s past time that the SEC brought charges against these exchanges for facilitating the trading of unregistered securities,” said Dennis Kelleher, president of Better Markets, a group that advocates for oversight of the financial sector.