FILE PHOTO: Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic
WASHINGTON/LONDON (Reuters) -Crypto giant Binance signed a nonbinding agreement to buy rival FTX's non-U.S. unit, FTX.com, to help cover a "liquidity crunch" at the cryptocurrency exchange, the companies said on Tuesday, in a surprise move that raised fresh concerns about the risks investors face in the volatile crypto market.
Binance CEO Changpeng Zhao said in a tweet that FTX, run by billionaire Sam Bankman-Fried, had "asked for our help" after "a significant liquidity crunch."
Already a subscriber? Log in.
Subscribe now and receive free sooka plan for 1 month. T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
