Binance plans to buy rival FTX's non-US unit in latest crypto bailout

Binance plans to buy rival FTX's non-US unit in latest crypto bailout

Binance and FTX logos are seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration

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.

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