World’s largest crypto exchange Binance to acquire rival FTX unit

Binance Chief Executive Changpeng Zhao (CZ) said on Tuesday the company had signed a non-binding agreement to buy rival FTX’s unit, FTX.com, to help cover a “liquidity crunch” at the cryptocurrency exchange.

Zhao tweeted saying “This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire http://FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.”