Binance, the world’s largest cryptocurrency firm, has reached a deal with Sam Bankman-Fried’s FTX to buy the rival crypto exchange for an undisclosed amount amid, rescuing the company from a liquidity crisis.Binance CEO Changpeng Zhao tweeted Tuesday morning that “there is a significant liquidity crunch” at FTX and that after FTX asked for Binance’s help, the company “signed a non-binding” agreement with the intent “to fully acquire http://FTX.com and help cover the liquidity crunch.”Zhao added that Binance, which was initially based in China but now claims no official headquarters, will be conducting full diligence in the coming days, and the firm has the discretion to pull out from the deal at any time.Sam Bankman-Fried confirmed the agreement in a tweet this morning.The deal marks a cataclysmic collapse for a company that earlier this year was valued by private investors at $32 billion, with ambitions to acquire its way into becoming a crypto giant. Months prior, venture firm Sequoia Capital and BlackRock backed FTX at a $25 billion valuation. Forbes has pegged Bankman-Fried’s net worth at $17 billion, largely from his stake in FTX. Bankman-Fried told CNBC in an interview over the summer that while FTX isn’t “immune” to the cr …
