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Fortune

Marco Quiroz-Gutierrez

After Binance balks, what's next for SBF and FTX?

Binance FTX Crypto Ric Edelman Sam Bankman-Fried CoinDesk CZ Fortune

Sam Bankman-Fried (Credit: Jeenah Moon—Bloomberg via Getty Images)

Barely a day after Binance CEO Changpeng Zhao said his company wanted to buy competing crypto exchange FTX, the deal is off.

The Wall Street Journal reported on Tuesday that Binance was walking away from the acquisition due to reports alleging FTX mishandled customer funds. Earlier, CZ had tweeted that by signing a non-binding letter of intent, Binance always had that option.

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