Binance CEO Changpeng Zhao has backed out of acquiring the bankrupt FTX exchange. Zhao provided numerous reasons to support his decision to withdraw from the transaction.

Binance exchange reported the news via a thread of tweets.

Binance had previously signed a non-binding Letter of Intent (LOI) with the intention of fully purchasing FTX. Zhao, however, backed out of the deal for a variety of reasons.

Zhao took the initiative to come clean by sharing the exact note that was sent to all Binance teams worldwide.

Additionally, CZ tweeted, “In the spirit of transparency, might as well share the actual note, sent to all Binance team globally a few hours ago.”

CZ Binance claims in the note that he did not intend to manipulate the FTT token prices. Coffeezilla, a YouTuber and internet scam investigator, proves otherwise.

Furthermore, while discussing his recovery from the acquisition, CZ stated that the near-collapse of FTX has shaken trust in the crypto industry.

As a result, he added, regulators may take more stringent measures, and obtaining licenses around the world may become even more difficult.

Zhao later justified his retraction by saying,

“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.”

Notably, he added in the note that FTX falling is “not a win for us.” However, the preceding statement appears to contradict Cofeezilla’s assessment of the two (Sam Bankman-Fried and Zhao) as haters.

In addition, Zhao expressed his disappointment at not being able to complete the acquisition in a tweet.