Breaking News: Binance has signed a non-binding letter of intent to acquire FTX, adding a surprising twist to the public feud between the worlds two biggest cryptocurrency exchanges, which contributed to a drop in the value of several tokens earlier today. Moreover, until the due diligence process is completed, the firms will not disclose the deals value. Binance was the first investor to back FTX, but as the younger firms popularity grew, the relationship between the two firms began to deteriorate. Following the announcement, FTX CEO Sam Bankman-Fried thanked Binance CEO Changpeng Zhao as well the general crypto community for their patience and understanding. He further indicated that this is a user-focused development which will benefit the entire industry, and that Binance has done and will continue to do a fantastic job of expanding the global crypto ecosystem and fostering a more free economic environment for everyone.
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