Cryptocurrency exchange, Binance, announced that its tentative deal to bailout Bahamas based FTX would not happen. Binance has signed a letter of intent to acquire FTX pending due diligence outcomes. The next day, the company’s founder and Chief Executive Officer, Changpeng Zhao, tweeted about FTX that “the issues are beyond our control or ability to help” while announcing that the deal was off.

Later the Securities Commission of The Bahamas released a statement announcing it had frozen the assets of Bahamas based FTX Digital Markets and that the Supreme Court had appointed a liquidator.