Binance saves the crypto rival FTX

Binance is ready to buy the competing cryptocurrency exchange FTX after a liquidity crisis in the company led by the billionaire Sam Banksman-Fried has led to the fact that it was confronted with increasing withdrawals and financial difficulties.

"FTX asked for our help this afternoon," tweeted the CEO of Binance, Changpeng Zhao. "There is a significant liquidity crisis. To protect users, we have signed a non -binding agreement [Letter of Intent] that intends to fully adopt ftx.com."

The announcement takes place after a test phase for FTX, the FTT-TOKEN of which fell 30 percent on Tuesday. At the weekend, Binance said it intended to sell its token stocks, which triggered a wave of concern about FTX's financial health.

"We agreed on a strategic transaction with Binance," said Bankman-Fried on Tuesday in a tweet and added: "CZ did an incredible work when building the global crypto ecosystem and will continue to do so."

ftx confirmed the deal. The two companies did not announce the conditions.