Crypto exchange Binance abandons rescue of FTX one day after announcing takeover bid

FTX won’t be rescued by its biggest rival. One day after announcing a proposed deal to buy the cryptocurrency exchange, Binance said it didn’t like what it found in the company’s books. “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX,” Binance tweeted on Wednesday afternoon. “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.”