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Binance to Buy FTX in Megadeal of Crypto Exchanges



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Binance, the world’s largest cryptocurrency exchange, said on Tuesday that it had reached a deal to buy one of its biggest competitors, FTX, as fears swirled that the crypto industry could be entering another meltdown.The size of the acquisition couldn’t immediately be determined. But if the deal goes through, it would bring together two of the largest companies in the crypto industry and cement the status of Binance’s founder, Changpeng Zhao, as one of the most powerful figures shaping the future of the loosely regulated technology.“This afternoon, FTX asked for our help,” Mr. Zhao said in a tweet on Tuesday. He said Binance was planning to “fully acquire FTX.com and help cover the liquidity crunch.”Sam Bankman-Fried, FTX’s chief executive, said that FT …

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