FTX: Cryptocurrency giant Binance walks away from bailout
Binance, the world's biggest cryptocurrency exchange, has walked away from a bailout deal of its smaller rival FTX.
Binance said that after due diligence, it would not pursue the deal.
It said reports of "mishandled customer funds and alleged US agency investigations" had swayed its decision.
FTX had been struggling with a surge in withdrawals that caused a "liquidity crunch".
Concerns about FTX's financial health reportedly triggered $6bn (£5.2bn) of withdrawals in just three days.
The Reuters news agency reported on Wednesday that the US Securities and Exchange Commission (SEC) was investigating FTX's handling of customer funds and its crypto-lending activities. read more
