Binance CEO Changpeng Zhao (CZ) announced a non-binding agreement to purchase rival FTX's unit, FTX.com, 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 http://FTX.com 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.