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Cryptos trade down on news that Binance will acquire FTX.com

Yahoo Finance Video

Yahoo Finance's Akiko Fujita reports that cryptocurrencies are moving lower following news that Binance will acquire FTX.com.

Video transcript

AKIKO FUJITA: Let's go to some developing news here that we've been tracking here in the crypto space. You see all of-- it's pretty much right across the board here, Bitcoin down about 1%. All of this coming after crypto exchange Binance agreed to buy rival FTX.com. Now, both FTX's Sam Bankman-Fried, Binance's CEO, known as CZ, confirming that on Twitter.

We should point out CZ specifically saying there is a significant liquidity crunch at FTX, and that after these conversations with FTX, Binance agreed to sign a non-binding LOI intended to fully acquire FTX.com and help cover the liquidity crunch that's coming from CZ. And of course, we're going to stay on top of this story.