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AP National News

Binance plans to buy FTX in apparent crypto bailout

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Published 9:06 am

By KEN SWEET
AP Business Writer

NEW YORK (AP) — 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. The deal would make Binance, which is already the biggest cryptocurrency exchange by daily volume, an even more dominant player in the cryptocurrency industry. FTX was the third largest exchange as of this week.

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