https://www.vice.com/en_us/article/7k8qvx/binance-pulls-out-of-ftx-deal-beyond-our-ability-to-help

Binance, the world's largest cryptocurrency exchange, has backed out of a tentative deal to rescue its second-place competitor FTX from money problems that Binance CEO Changpeng Zhao described as a "significant liquidity crunch.”

The intent to merge, which was jointly announced by Zhao and FTX CEO Sam Bankman-Fried on Tuesday pending due diligence checks, lasted just over 24 hours.