The acquisition is expected to bring positive news for FTX users
Binance, the world's largest crypto exchange, has issued a letter of intent to acquire the assets of fellow exchange FTX. According to reports, Binance signed a non-binding letter of intent declaring its intention to purchase FTX. This has added an unexpected twist to the days-long public feud between the world's two largest crypto exchanges. Notably, the feud contributed to the decline of several digital tokens on Tuesday.
Binance’s chief executive, Changpeng Zhao, announced on Twitter, "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 http://FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days."