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.Binance CEO Changpeng Zhao said on Twitter Tuesday that his company had signed a letter of intent to buy FTX because the smaller exchange was experiencing a “significant liquidity crunch.” The deal was pending due diligence, Zhao said on Twitter.The announcement stunned crypto investors, as a tie-up between the two largest crypto exchanges by volume would mark a tectonic power shift in the industry.
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