Binance to Buy FTX in Megadeal of Crypto Exchanges

Binance to Buy FTX in Megadeal of Crypto Exchanges

Binance, the world’s largest cryptocurrency exchange, said on Tuesday that it has reached an agreement to buy one of its biggest competitors, FTX, as fears spread that the cryptocurrency industry could enter another crash.

The size of the acquisition could not be immediately determined. But if the deal goes through, it would bring together two of the biggest companies in the crypto industry and cement the status of Binance founder Changpeng Zhao as one of the most powerful figures shaping the future of the loosely regulated technology.

“This afternoon, FTX requested our assistance,” Mr. Zhao he said in a tweet on Tuesday. He said Binance plans to “fully buy FTX.com and help cover the liquidity crisis.”

Sam Bankman-Fried, CEO of FTX, he said that FTX has “reached a strategic transaction agreement” with Binance.

FTX has struggled to meet a large number of withdrawal requests over the past few days, according to crypto publication CoinDesk registered on a leaked balance sheet that showed FTX’s sister company, Alameda Research, was on shaky ground.

Many crypto companies have since struggled with financial difficulties virtual currencies were melting earlier this year. Experimental currencies are highly volatile.

This is a developing story. Follow the news.

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