Binance's rescue of FTX shows no crypto company is 'too big to fail,' experts say
In this article BTC.CM= Follow your favorite stocks CREATE FREE ACCOUNT Binance CEO Changpeng Zhao speaking at a press conference during Web Summit 2022. Ben Mcshane | Sportsfile | Getty Images Binance's agreement to salvage rival cryptocurrency exchange FTX from collapse shows how no one is safe from the chill of crypto winter, according to industry experts. Prior to this week, FTX was the fourth-biggest exchange, processing billions of dollars in daily trading volumes, according to CoinMarketCap data. Its CEO Sam Bankman-Fried had a high profile in Washington, D.C., appearing in Congress to testify about the future of the crypto industry and committing millions in political donations. Despite this, not even FTX was immune from the downturn in digital assets. It's something even Bankman-Fried had recognized, telling CNBC previously: "I don't think we're immune from it." And, sure enough, on Tuesday his firm signed an offer from Binance to be acquired by th...