FTX Exchange is set to be acquired by Binance, pending due diligence, following a liquidity crisis from FTX, per an announcement from the CEO of FTX.

“Our teams are working on clearing out the withdrawal backlog as is,” CEO Sam Bankman-Fried said regarding the pause of withdrawals on FTX assets. “This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in.”

Bankman-Fried noted in his announcement that Binance.US and FTX.US “are not currently impacted by this,” stating that withdrawals are currently live and operating normally.

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