Crypto exchange Binance to acquire rival FTX unit

Binance CEO Changpeng Zhao (CZ) announced a non-binding agreement to purchase rival FTX's unit,, to help cover a "liquidity crunch" at the cryptocurrency exchange.

Zhao stated on Twitter "FTX requested our assistance this afternoon. There is a severe liquidity crisis. To protect users, we signed a non-binding letter of intent (LOI) with the intention of fully acquiring and assisting with the liquidity crisis. In the coming days, we will conduct a full DD." Binance's CEO also stated that the company has the option to withdraw from the deal at any time.

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