Crypto giant Binance to acquire rival FTX following ‘liquidity crunch’

Binance said Tuesday it has signed a letter of intent to acquire FTX, delivering a surprising twist following a public spat between the world’s two largest crypto exchanges that contributed to several digital tokens taking a tumble Tuesday. The firms didn’t disclose the value of the deal, which is non-binding and pending the due diligence process.

The deal follows Binance founder Changpeng Zhao and FTX founder Sam Bankman-Fried’s months-long clash on social media, which escalated earlier this week.