Binance backs out of FTX bailout over issues beyond its control

It became evident in a matter of hours that rescuing FTX would be a tall order for Binance.

His Binance just as quickly walked away from the beleaguered exchange, leaving the fate of its onetime chief rival uncertain.

“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.

It became evident in a matter of hours that rescuing FTX would be a tall order for Binance. Its executives found themselves staring into a financial black hole -- a gap between liabilities and assets at FTX that’s probably in the billions, and possibly more than US$6 billion, according to a person familiar with the matter.