Binance CEO Changpeng Zhao said in a tweet that FTX had ‘asked for our help’ after ‘a significant liquidity crunch’
Crypto giant Binance signed a nonbinding agreement to buy rival FTX’s non-U.S. unit, FTX.com, to help cover a “liquidity crunch” at the cryptocurrency exchange, in a surprise move that lifted cryptocurrencies on Tuesday.
He said Binance, the world’s biggest crypto exchange, will be conducting due diligence in the coming days as the next step toward an acquisition of FTX.com. The U.S. operations of Binance and FTX are not part of the deal, Bankman-Fried said in a separate tweet. It also underscores an abrupt reversal of fortune for Bankman-Fried, who had positioned himself as the industry’s saviour by rescuing rivals who had gotten into trouble earlier in the year.
Binance, which dominates the crypto industry, with over 120 million users, is currently under investigation by the U.S. Justice Department into possible violations of money-laundering rules, Reuters reported last week.FTX token – which gives holders discounts on FTX trading fees – was last trading at 18.38. The token was earlier down more than 33 per cent, its lowest level since early 2021. The token, known as FTT, is the 28th largest digital coin, with a value of $1.
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