Binance says it’s bankrupt in just 36 hours after FTX falls.

The cryptocurrency exchange Binance Holdings Ltd. signaled on Wednesday that it is pulling out of a deal to purchase its rival FTX Trading Ltd.<br><br>Binance, the largest cryptocurrency exchange in the world, said that it has decided to end the proposed takeover of FTX.com, as well as the non-U.S. arm of the business, FTX.com’s derivatives exchange.<br><br>That decision comes after Binance’s Delaware-based affiliate, Binance.US, said on Tuesday that it entered into a nonbinding letter of intent to purchase the bankrupt company’s non-U.S. exchange assets for approximately $1 billion.<br><br>“Sadly, what’s left behind after the Alameda fiasco is material beyond our control or ability to help,” Binance said.<br><br>The news is the latest development in a highly unusual saga for FTX, which filed for bankruptcy last week after Binance walked away from a proposed takeover deal due to concerns over FTX’s business practices.<br><br>With the deal between Binance and FTX officially off the table, the future of the cryptocurrency exchange is highly uncertain.<br><br>FTX reportedly lost $10 billion in customer funds before it filed for bankruptcy, according to a report from the Wall Street Journal. FTX is currently facing a number of investigations, including from the DOJ and the SEC, over its handling of customer funds.<br><br>Sam Bankman-Fried stepped down as CEO of FTX last week, and it’s unclear what his future role with the company will look like. Bankman-Fried declined to comment to CNBC on the matter.