Binance signs letter of intent to acquire FTX

Binance has signed a non-binding letter of intent to acquire FTX, in a surprise twist amid public enmity between the two largest crypto exchanges in the world, which contributed to the fall of several tokens on Tuesday. The companies did not disclose the value of the deal, which is under due diligence.

In a series of tweets, Binance founder and CEO Changpeng Zhao said Binance made the decision after FTX approached the firm for help.

“To protect consumers, we have signed a non-binding LOI fully intending to acquire FTX and help cover the liquidity crisis. We will conduct a full DD in the coming days,” he said.

In a tweet, Sam Bankman-Fried (pictured above) said: “Huge* thanks to CZ, Binance and all our supporters. It is user-centric development that benefits the entire industry. CZ has done and will continue to do incredible work to build the global crypto ecosystem and create a freer economic world.”

Several cryptocurrencies jumped on the news.

(more to come)

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