Binance, the world’s largest crypto exchange, has signed a letter of intent to buy the non-U.S. assets of FTX, according to Binance’s co-founder and chief executive. If completed, the acquisition could be the most high-profile deal in the crypto space.
Bitcoin fell to as low as $17,484 Tuesday, the lowest level since Nov. 2020, after Binance, the world’s largest crypto exchange, said it had signed a letter of intent to acquire the non-U.S. assets of rival FTX, which faces a “significant liquidity crunch.”
FTX’s chief executive, crypto billionaire Sam Bankman-Fried, tweeted Tuesday that the exchange had entered into a “strategic transaction” with Binance, pending due diligence. Representatives of FTX didn’t respond to requests seeking comment.If completed, the acquisition could be the most high-profile deal in the crypto space, leading to further consolidation of digital-asset exchanges.
FTT on Tuesday plunged more than 80% to as low as $4.3. FTX also saw increased withdrawals, with its stablecoin reserves hitting a yearly low on Monday, down more than 90% over the past two weeks, according to data from CryptoQuant. FTX seemed to have temporarily halted withdrawals Tuesday morning, the Block reported citing on-chain data.
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