After FTX exchange own exchange token, FTT, failed, the crypto exchange FTX made a deal with Binance.

Our teams are working to clear up the backlog of withdrawals as they are. This will get rid of cash flow problems because all assets will be covered at the same rate. One of the main reasons we asked Binance to come in is because of this. It might take a while to settle, etc. — we’re sorry, “In a series of tweets, Sam Bankman-Fried said.

CEO Changpeng Zhao of Binance tweeted:

“FTX asked for our help this afternoon. There is a major shortage of cash. We signed a non-binding letter of intent (LOI) to protect users, with the plan to fully buy FTX.com and help cover the liquidity crunch.”

https://altcoin.ng/binance-buys-ftx-exchange/