Binance plans to buy rival and competitor FTX's non-United States operations in the latest crypto bailout.
Binance consented to a nonbinding arrangement to purchase rival FTX's non-U.S. unit, FTX.com, to help cover a "liquidity crunch".
The companies said on Tuesday, in an unexpected move that raised new worries about the dangers investors face in the unstable crypto market.
Binance CEO Changpeng Zhao said on Twitter that FTX, run by billionaire Sam Bankman-Fried, had requested our assistance after a huge liquidity crunch.
He said Binance, the world's greatest crypto exchange, will direct the expected level of effort as long as the following stage toward obtaining FTX.com.
The U.S. operations of Binance and FTX are not a piece of the arrangement, Bankman-Fried said in a different tweet.
Joseph Edwards said It has been a loosely held bit of information for some time now that FTX and Binance were in the existential contest.
Joseph Edwards said, "the main shock of today is that things have raised so rapidly to a seeming conclusion,"
The deal is the latest crisis rescue in the world of cryptocurrencies current year, as investors pulled out from the riskier assets.
The current cryptocurrency market has fallen by around two-thirds from its peak of $1.07 trillion this year.
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