The cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, in what appears to be a bailout of FTX.
The owners of the two exchanges — Samuel Bankman-Fried of FTX and Changpeng Zhao of Binance — announced the deal on Twitter, but did not disclose details. The deal was pending due diligence, ZhaoThis 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— CZ 🔶 Binance "This afternoon, FTX asked for our help. There is a significant liquidity crunch," Zhao said on Twitter.
Bankman-Fried Tuesday thanked Zhao, who often goes by"CZ," and said Binance's takeover will improve the crypto industry. "This is a user-centric development that benefits the entire industry," Bankman-Fried said in a tweet."CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world."but company officials minimized the losses to under $100 million. Still, the deal would make Binance an even more dominant player in the cryptocurrency industry. Binance handles 1.
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