FTX agrees to strategic transaction with Binance

Crypto exchange FTX has struck a deal with Binance following the collapse of its native exchange token FTT.

“Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. — we apologize for that,” Sam Bankman-Fried said in a tweet thread. 

Binance CEO Changpeng Zhao tweeted: “This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire http://FTX.com and help cover the liquidity crunch.”

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