Binance Agrees To Purchase Troubled Rival FTX
Binance, the world’s biggest cryptocurrency platform has announced that it wants to purchase it’s financially-troubled rival FTX.com.
In a tweet, Binance chief executive Changpeng Zhao made it known that the group had signed a non-binding letter of intent “to fully acquire FTX.com”, which is suffering from “a significant liquidity crunch”.
No financial terms were disclosed for the proposed deal, whose announcement came as bitcoin and other cryptocurrencies initially slumped Tuesday on fallout from FTX’s woes.
Binance has offered to step in after revealing that it was liquidating its holdings of FTX’s FTT token amid concerns about FTX’s finances.
Bitcoin slid more than five percent, trading back under $20,000 before recovering, while FTX’s FTT token slumped 25 percent to its lowest levels since early 2021.
