Crypto Exchange Binance to Acquire Rival FTX Trading

    Binance is taking steps to acquire rival FTX Trading.
    Budrul Chukrut/Getty Images
    

    Crypto exchange Binance signed a letter of intent to acquire rival FTX Trading, the companies said Tuesday. The move comes as FTX faces a liquidity crunch, Binance founder Changpeng Zhao noted on Twitter.
    “There is a lot to cover and will take some time,” he wrote. “This is a highly dynamic situation, and we are assessing the situation in real time. Binance has the discretion to pull out from the deal at any time.”
    FTX is continuing to operate normally during this period, founder and CEO Sam Bankman-Fried assured customers.
    Binance Coin saw an increase of more than 10% in the wake of the news, according to CoinDesk, while FTX Token dipped by nearly 20%.