After many speculations about the stability of his finances surfaced over the course of few hours, FTX declared that Binance would be buying the business. Changpeng Zhao's company signed a non-binding letter of intent to fully buy one of its biggest rivals in order to help with the resolution of its financial crisis.

There haven't been many specifics concerning this "strategic deal" as of yet. The only thing that has been made clear is that it won't have an impact on FTX US, the cryptocurrency exchange's American arm, which will continue to operate freely.

The details were made public following allegations that FTX has stopped user fund withdrawals due to liquidity difficulties. Everything, despite suspicions that Fried's companies' financial backing from Sam Bankman wasn't as reliable as thought.

The fact that Binance was responsible for creating the FTX problem through the company's CEO, however, is extremely disturbing. Additionally, the senior executives of both platforms have been engaged in a real dispute, making disparaging remarks about one another.