Binance, the world’s largest crypto exchange, has reportedly signed a non-binding letter of intent with FTX to fully acquire http://FTX.com. The announcement came after Binance CEO Changpeng Zhao said on Twitter that Binance would liquidate any remaining FTX Token on their books, which subsequently caused a liquidity crunch. FTX CEO Sam Bankman-Fried said he had asked Binance to step in with the aim of clearing out liquidity crunches and ensuring all assets would be covered 1:1. The acquisition would not affect the company’s US business, which was shown in a 2021 audit that it covered only 5% of total FTX’s revenue. Zhao also said full due diligence would be conducted in the coming days and Binance has the discretion to withdraw from the deal at any time.
Source: https://www.cnbc.com
