FTX approached crypto exchange OKX about deal before Binance agreed to possible takeover

FILE PHOTO: FTX logo is seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) - FTX CEO Sam Bankman-Fried approached cryptocurrency exchange OKX Monday morning about a deal before he announced Tuesday that Binance had signed a nonbinding agreement to acquire FTX in the face of an apparent liquidity crunch, an OKX spokesperson said.

Although Bankman-Fried did not name a dollar amount, OKX declined to move forward with a deal, expressing concern that the consolidation of exchanges would be a step backward for the industry, the spokesperson said.