Binance, the world’s largest cryptocurrency exchange, said on Wednesday that it had reached an agreement to buy struggling FTX. 

CZ Zhao, founder of Binance, tweeted that FTX asked for help for “a significant liquidity crunch.” 

“To protect users, we signed a non-binding LOI, intending to fully acquire http://FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days,” he said.

SBF, founder of FTX said on Twitter that the team is working on clearing a withdrawal backlog which will solve the liquidity crunch. 

“All assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in,” SBF said.

The cryptocurrency of the two exchanges fluctuated following the news. FTT, the token native of FTX, surged as much as 45.76 percent in 15 minutes, reaching US$20.