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Crypto exchange Binance to buy rival FTX in apparent bailout

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The cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, which became the latest cryptocurrency company to fall under financial pressure as crypto assets have collapsed in value.

The cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, in the latest example of how fortunes can change rapidly in the crypto world.

FTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets such as bitcoin and ethereum have collapsed in value. Failures include Celsius, a bank-like company that took in crypto deposits in exchange for yield, as well as an Asia-based hedge fund known as Three Arrows Capital.

Other major cryptocurrencies were higher after the deal was announced as well, with Bitcoin rising 5 per cent.

 

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