According to people familiar with the situation, cryptocurrency exchange Binance reversed course on a rescue offer for FTX on Wednesday, leaving the prominent digital firm with an uncertain future as it faces a shortfall of up to $8 billion. Following a review of the company’s finances, Binance decided not to proceed with the nonbinding offer, according to the exchange. “At first, we hoped to be able to assist FTX’s customers in providing liquidity, but the issues are beyond our control or ability to assist,” Binance said in a statement. Binance’s withdrawal has left FTX’s fate uncertain; the cause and extent of FTX’s financial problems are unknown.
