Binance to acquire FTX to cover liquidity crunch
On Nov.8, Binance Chief Executive Changpeng Zhao said that FTX had a significant liquidity crunch.
CZ stated that the company had signed a non-binding agreement to buy rival FTX’s unit, FTX.com, to help cover a “liquidity crunch” at the cryptocurrency exchange and Binance would be conducting a full DD in the coming days.