Binance, which is the world's largest cryptocurrency exchange by volume, sent the Parliament's Treasury Committee a five-page document outlining the sequence of events that led to the FTX collapse.

The Committee asked about whether Binance’s actions contributed to the collapse of FTX. Binance points out "the causes of the collapse of FTX were the financial irregularities and possible fraud initially reported in the CoinDesk article on 2 November".

"Whilst Binance subsequently entered into a non-binding letter of intent in respect of a potential acquisition of FTX in the hope of protecting FTX’s users and the broader industry when contacted by FTX’s CEO, Binance’s financial due diligence on FTX and media reports of US regulatory investigations into the company for misuse of customer funds subsequently revealed insurmountable obstacles to proceeding with an acquisition," Binance added.