Binance, the world’s largest cryptocurrency firm, announced on Tuesday that it has reached a deal to buy its rival crypto exchange FTX for an undisclosed amount. FTX’s US division, a separate entity called FTX US, is not included in the deal.
In a tweet, Binance CEO Changpeng Zhao says, “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 FTX and help cover the liquidity crunch.”