Binance Walks Away From Deal to Rescue FTX

Crypto exchange’s decision leaves FTX with uncertain future as it faces multibillion-dollar shortfall

The founder and CEO of crypto exchange FTX speaks at WSJ Tech Live about the company’s deal-making and focus on balance-sheet utilization. Photo: Nikki Ritcher for The Wall Street Journal

Crypto exchange Binance reversed course on a rescue offer for FTX Wednesday, leaving the prominent digital firm with an uncertain future as it faces a shortfall of up to $8 billion, according to people familiar with the matter.

Binance chose not to go ahead with the nonbinding offer following a review of the company’s finances, the exchange said. “In the beginning, 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 said in a statement.

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