non-binding letter of intent (LOI) was signed by cryptocurrency exchange Binance with the aim of fully acquiring the FTX exchange.
According to Changpeng Zhao, CEO of Binance, this will help in addressing FTX's liquidity problem.
Given that Binance will be the exchange's first and final investor, FTX CEO Sam Bankman-Fried claims that things have now "completely circled."
A non-binding letter of intent was signed by the two exchange giant, according to Binance CEO Changpeng "CZ" Zhao, who also confirmed the arrangement on Twitter. Both Bankman-Fried and Zhao stated that a thorough due diligence procedure would start in the following couple of days.
On the news of the buyout, the FTX (FTT) token has increased by more than 22%. Bitcoin has since risen past $20,000 in the meantime.
According to Bankman-Fried, the exchange is now attempting to reduce the backlog of withdrawals.