Binance to buy crypto exchange FTX

Binance CEO Changpeng Zhao said that FTX platform turned to his company for help because of a serious liquidity crisis

Cryptocurrency exchange Binance will buy platform FTX. Changpeng Zhao, the head of Binance, wrote about it on Twitter. He said that FTX today sought help from Binance due to a serious liquidity crisis. To protect users, the site signed a letter of intent to acquire FTX.com. As well as help cover the liquidity crisis, Zhao noted.

In addition, the head of Binance wrote that due diligence will be conducted in the coming days. According to Zhao, the situation is dynamic and Binance is evaluating it in real time. Binance has the right to withdraw from the deal at any time.

The FTX exchange ranks 5th in daily trading volume with $3.6 billion in the last 24 hours. 321 cryptocurrencies are represented on the platform and 511 pairs of coins are traded.

The apparent problems at the FTX exchange began over the weekend, after Binance’s CEO said. That his company intends to sell its remaining FTT tokens within a few months. We ran an article about this earlier. The exchange’s FTX native token (FTT) fell more than 73% daily.