Is Binance buying FTX trading?

The cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, in what appears to be a bailout of FTX. The owners of the two exchanges — Samuel Bankman-Fried of FTX and Changpeng Zhao of Binance — announced the deal on Twitter, but did not disclose any details. The deal was pending due diligence, Zhao said on Twitter.

Who is FTX's rival Binance?

FTX’s rival, Binance, has played a key role in the saga. Here is a step by step account of how the disaster unfolded. Known by the monikers SBF and CZ, Sam Bankman-Fried and Changpeng Zhao could be seen as two sides of the same crypto coin. In a few short years, they built two of the largest digital currency exchanges: FTX and the biggest, Binance.

How did Binance's move affect FTT?

But Binance’s moves also sent the price of FTT spiraling. By Tuesday, it had dropped about 63 percent over 24 hours. The rest of the crypto market took a hit, with the prices of Bitcoin and Ether also falling.

Is FTX the world's largest cryptocurrency exchange?

The crisis at FTX likely reinforces its rival’s position as the world’s largest cryptocurrency exchange. Binance is already larger, by trading volume, than a clutch of its nearest competitors (Coinbase, Kraken, OKX, Bitfinex, Huobi, and FTX) combined.