Cryptocurrency exchange Binance may soon acquire rival FTX, according to a tweet by Binance CEO Changpeng Zhao.
“This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI [letter of intent], intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD [due diligence] in the coming days,” wrote Zhao.
Sam Bankman-Fried, FTX’s CEO, admitted his company was facing liquidity issues and said the exchange has come “to an agreement on a strategic transaction with Binance.” However, Binance has the discretion to pull out of the deal at any time.
Read the full story on Forbes: https://www.forbes.com/sites/ninabambysheva/2022/11/08/binance-intends-to-acquire-ftx/?sh=42538b0a1a93
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