Crypto exchange Binance plans to acquire major rival FTX

FILE PHOTO: A logo on the Binance exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessier/File Photo

WASHINGTON/LONDON (Reuters) -Binance, the world's largest cryptocurrency exchange, has signed a nonbinding agreement to buy FTX.com, a unit of major rival FTX, to help cover a "liquidity crunch" at the cryptocurrency exchange, Binance CEO Changpeng Zhao said on Tuesday.

FTX has come under pressure after Zhao said on Sunday his firm would liquidate its holdings of FTX's in-house token, FTT, due to unspecified "recent revelations."