Binance, the largest crypto exchange by volume, says it isn’t buying the beleaguered FTX crypto exchange, saying that “the issues are beyond our control or ability to help,” according to a company statement. The statement also said that “news reports regarding mishandled customer funds and alleged US agency investigations” also led them to back out of the deal, which was announced yesterday.

Binance’s change of heart was first reported by The Wall Street Journal. But even yesterday, the deal seemed uncertain, with CEO Changpeng “CZ” Zhao emphasizing that there was only a letter of intent in place. Binance would be conducting due diligence throughout the week before actually going through with a legally binding purchase agreement, Zhao said.

Obviously, Binance didn’t like what it found.

US regulators have begun a probe of how FTX managed its clients’ funds, according to Bloomberg. Many of the firm’s legal and compliance staff quit their jobs on Tuesday, Semafor reported. (One of Semafor’s investors is Sam Bankman-Fried, the CEO of FTX.)

Binance didn’t immediately respond to The Verge’s request for comment.