Binance plans to buy FTX's non-U.S. operations in latest crypto bailout

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."