Binance, the world’s largest crypto exchange, has reportedly signed a non-binding letter of intent with FTX to fully acquire The announcement came after Binance CEO Changpeng Zhao said on Twitter that Binance would liquidate any remaining FTX Token on their books, which subsequently caused a liquidity crunch. FTX CEO Sam Bankman-Fried said he had asked Binance to step in with the aim of clearing out liquidity crunches and ensuring all assets would be covered 1:1. The acquisition would not affect the company’s US business, which was shown in a 2021 audit that it covered only 5% of total FTX’s revenue. Zhao also said full due diligence would be conducted in the coming days and Binance has the discretion to withdraw from the deal at any time.