The Binance-FTX saga has come to a surprising conclusion. In an unexpected turn of events, the world’s largest crypto exchange announced it’s going to acquire its troubled competitor that has been dealing with liquidity crunches amid rumors of insolvency.
Binance CEO Changpeng Zhao (CZ) announced on Twitter that his exchange has signed a non-binding letter of intent (LOI) to acquire FTX and “help cover the liquidity crunch.”
“There is a lot to cover and will take some time. This is a highly dynamic situation, and we are assessing the situation in real time. Binance has the discretion to pull out from the deal at any time. We expect FTT to be highly volatile in the coming days as things develop,” said CZ.
FTX CEO Sam Bankman-Fried said on Twitter that he asked Binance to come in to help clear out its withdrawals backlog, adding weight to the rumors that the exchange has been insolvent for some time.
“Our teams are...
