Crypto giant Binance signed a non-binding agreement on Tuesday to buy FTX’s non-US unit to help cover a “liquidity crunch” at the rival exchange, marking an abrupt change in fortune for the digital currency billionaire and FTX CEO Sam Bankman-Fried.
The surprising deal between high-profile rivals Bankman-Fried and Binance CEO Changpeng Zhao raised fresh concerns about the risks investors face in the volatile crypto market after FTX had been hit by billions of withdrawals.
