NEW: Binance, the largest crypto exchange in the world, has signed a letter of intent to acquire its fast-growing rival FTX.
by volume in the world. FTX is the fourth largest. It's acquiring a fast-growing rival amidst a wider downturn in the crypto market.FTX had taken a significant leadership role in the U.S. blockchain industry as it aggressively sought regulations that would provide the industry with regulatory clarity in its largest market.
Binance has been around the crypto industry for a long time, but FTX's growth has been"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 FTX.com and help cover the liquidity crunch. We will be conducting a full [due diligence] in the coming days," Binance CEO Changpeng Zhao Both companies have separate companies set up to serve U.S. customers.
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