In a surprising twist amid the public spat between the world’s two largest crypto exchanges that contributed to several tokens plummeting on Tuesday, Binance signed a non-binding letter of intent to acquire FTX. The firms did not disclose the value of the deal, which is still undergoing due diligence.
Changpeng Zhao, founder and CEO of Binance, tweeted that the firm made the decision after FTX approached it.
“To protect users, we signed a non-binding LOI, intending to fully acquire FTX and help cover the liquidity crunch. We will be conducting a full DD in the coming days,” he said.
In a tweet, Sam Bankman-Fried (pictured above) said: “A *huge* thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.”
