BREAKING: Binance Signs Deal to Acquire FTX Exchange

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This is a developing story

Update: Binance will no longer buy FTX

In a tweet, Binance CEO Changpeng CZ Zhao said his company has signed a “letter of intent” to acquire FTX Exchange, its leading rival whose CEO Sam Bankman-Fried has been in a week-long battle of words with the Binance CEO.

“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 and help cover the liquidity crunch. We will be conducting a full DD in the coming days,” Zhao said in a tweet.

Zhao also said this will take some time but Binance has all the discretion to pull out of the deal at any time.

Meanwhile, Sam Bankman-Fried said FTX, including its investors have agreed to sell the exchange to Binance, calling it a “strategic transaction.”

BNB Price After the Announcement

This is a developing story: Binance Signs Deal to Acquire FTX Exchange

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