Binance has told MPs that chief executive Changpeng 'CZ' Zhao was not responsible for the crisis that engulfed FTX — a collapse that has “set the industry back a couple of years”.

Daniel Trinder, Binance's vice-president of government affairs for Europe, the Middle East and North Africa, said Zhao was approached about rescuing the ailing crypto exchange, but "realised something was very wrong and pulled out of it".