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".

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The companies said on Tuesday, in an unexpected move that raised new worries about the dangers investors face in the unstable crypto market.

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Binance CEO Changpeng Zhao said on Twitter that FTX, run by billionaire Sam Bankman-Fried, had requested our assistance after a huge liquidity crunch.

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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.

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The U.S. operations of Binance and FTX are not a piece of the arrangement, Bankman-Fried said in a different tweet.

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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.

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Joseph Edwards said, "the main shock of today is that things have raised so rapidly to a seeming conclusion,"

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The deal is the latest crisis rescue in the world of cryptocurrencies current year, as investors pulled out from the riskier assets.

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The current cryptocurrency market has fallen by around two-thirds from its peak of $1.07 trillion this year.

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