Crypto exchange Binance reversed course on a rescue offer for FTX on 9 November, leaving the prominent digital firm with an uncertain future as it faces a shortfall of up to $8bn, according to people familiar with the matter.

Binance chose not to go ahead with the nonbinding offer, following a review of the company's finances, the exchange said. "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," Binance said in a statement.