Binance won’t bail out FTX, cites reports of ‘mishandled customer funds’


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The Verge

Binance, the largest crypto exchange by volume, says it isn’t buying the beleaguered FTX crypto exchange, saying that “the issues are beyond our control or ability to help,” according to a company statement. The statement also said that “news reports regarding mishandled customer funds and alleged US agency investigations” led them to back out of the deal, which was announced yesterday.

While announcing their deal, FTX CEO Sam Bankman-Fried tweeted yesterday, “Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands.” He has not tweeted today.

Maybe that’s because Bankman-Fried is reportedly looking to raise $8…

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