Binance Backs Out of FTX Rescue, Citing Finances, Investigations

Changpeng Zhao, billionaire CEO of Binance Holdings Ltd., attends a session at the Web Summit in Lisbon, Portugal, on Nov. 2. Photo: Bloomberg

(Bloomberg) — 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.

An FTX spokesperson declined to comment.

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