Crypto exchange Binance to buy rival FTX in apparent bailout

By KEN SWEET
AP Business Writer

NEW YORK (AP) — 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. The owners of the two exchanges _ Samuel Bankman-Fried of FTX and Changpeng Zhao of Binance _ announced the deal on Twitter Tuesday, but did not disclose any details. The deal was pending due diligence, Zhao said on Twitter. It’s a surprising turn of events after Bankman-Fried was hailed as somewhat of a savior earlier this year when he helped shore up a number of cryptocurrency companies that ran into financial trouble. Prices of bitcoin and other digital currencies fell sharply.