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Binance pulls out of FTX bailout leaving sponsorship deals in jeopardy

The future of cryptocurrency exchange FTX and its raft of high-profile sports sponsorship and athlete endorsement deals has become increasingly uncertain after rival operator Binance backed out of a rescue deal.

FTX has been struggling with a rush of withdrawals on its digital token FTT, which intensified in part on Sunday when Binance’s chief executive, Changpeng “CZ” Zhao, tweeted that his company would sell its holdings in the token.

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