Binance has signed a non-binding letter of intent to acquire FTX, the two companies said, in a surprise move amid a public spat between the world's two biggest crypto exchanges that contributed to many tokens falling on Tuesday.
The companies did not disclose the value of the deal pending the review process. From reference:
In a series of tweets, Binance founder and CEO Changpeng Zhao said that the Binance made the decision when FTX contacted the company for help.
“To protect users, we have signed a non-binding LOI, intending to fully acquire FTX and help it cover a liquidity crisis. We will carry out a full DD in the next few days”.
Binance, the world's largest crypto exchange, and the first investor to back FTX. But when the popularity of the newer company (FTX) grew, the relationship between the two companies began to falter.
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