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Binance Backs Out of FTX Rescue, Citing Finances, Investigations

  • Crypto exchange reverses decision a day after announcing it
  • FTX customers could now be on the hook for steep losses
Bloomberg business news
Binance Walks Away From FTX Bailout
Updated on

Changpeng “CZ” Zhao walked away from his bailout for Sam Bankman-Fried’s FTX.com almost as quickly as he offered a rescue.

“Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance, the crypto exchange founded by Zhao, said in a statement.