--- title: "One of the Biggest Crypto Exchanges Suddenly Implodes, Sells Itself to a Rival" description: "Asking for Help After helping Tesla CEO Elon Musk take over Twitter by chipping in $500 million, Binance, the largest crypto exchange by volume, has announced plans to buy one of its biggest rivals, FTX. The exchange, led by billionaire Sam Bankman-Fried, has been bailing out other, smaller crypto firms, who were already in trouble […]" date: "2022-11-08" modified: "2022-11-08" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/biggest-crypto-exchanges-imploded-rival" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "binance" - "cryptocurrency exchanges" - "ftx" - "the digest" --- # One of the Biggest Crypto Exchanges Suddenly Implodes, Sells Itself to a Rival ![Binance, the largest crypto exchange by volume, has announced plans to buy one of its biggest rivals, FTX, sending ripples throughout the industry.]() *\Image: Getty Images/Futurism\* ## Helping Hand After helping Tesla CEO Elon Musk take over Twitter by [chipping in $500 million](), the largest crypto exchange by volume Binance has announced a deal to buy one of its biggest rivals, FTX. The exchange, led by billionaire Sam Bankman-Fried, has [been bailing out]() other, smaller crypto firms, who were already in trouble — but now, it's feeling the squeeze itself. In fact, as the [*Financial Times* reports](), FTX's token FTT slid 30 percent today, after Binance announced it was abandoning the token over the weekend. "This afternoon, FTX asked for our help," [tweeted]() Binance CEO Changpeng Zhao. "There is a significant liquidity crunch." ## Crypto Turbulence It's a major shift in the market that closes out a particularly turbulent chapter. Other major cryptocurrencies also slid on Tuesday, sending ripples through the markets and triggering more fears over the industry's future, [*Bloomberg* reports](). Bankman-Fried's FTX has been [pushing for regulations]() in the US to set clearer rules for the blockchain industry. But rumors of FTX going insolvent started growing, with investors worrying that the exchange could end up having the same fate as Three Arrows, a hedge fund that was [plunged into liquidation]() back in June. The news also comes after Celsius, a decentralized finance company, [went bankrupt](). The collapse of those entities were linked to the greater crash of the crypto market, which means that this new drama has many players on the edge of their seats again. "There are a lot of mirrors to the Celsius and Three Arrows crisis that happened months ago and what you were seeing was investors having deja vu and fear leaking into the markets," Conor Ryder, research analyst at Kaiko, [told *CNBC*](), referring to today's news. ## Rise to Power It's not exactly confidence inducing, after all, to see the largest exchange in the world suddenly bail out one of its biggest rivals. Crypto markets are as shaky as they have ever been — but Binance's dominance is really starting to cement itself. "This elevates Changpeng Zhao as the most powerful player in crypto," Ilan Solot, co-head of digital assets at Marex Solutions, told the *Financial Times*. "Zhao’s view of the world will matter a lot more, in terms of how he wants to interact with regulators and policymakers, the weight of his views will be much more powerful." **READ MORE:** [Binance set to rescue crypto rival FTX]() \[*Financial Times*\] **More on Binance:** *[Binance Guy Says the Crypto Crash is Good, Actually]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()