Binance will buy FTX after liquidity crisis rumors

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Fast times at FTX | The Verge

Binance, the world’s largest crypto exchange by volume, has signed a letter of intent to buy competitor FTX, the third-largest exchange by volume. The acquisition came after a CoinDesk article prompted speculation about FTX’s balance sheet. The terms of the deal weren’t disclosed.

The letter of intent is nonbinding, and Binance CEO Changpeng “CZ” Zhao said the firm will conduct due diligence before the acquisition. Binance’s acquisition came after CZ said on Sunday he’d sell FTX’s FTT token, leading to a plunge in the token’s value. That token was the biggest asset on the balance sheet of Alameda Research, the trading firm also founded by Sam Bankman-Fried, the CEO of FTX, according to CoinDesk’s story.

Bankman-Fried said yesterday that...

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