Binance to acquire FTX

Binance is set to acquire the FTX crypto exchange in a surprise turn of events on Tuesday.

Just a day after FTX CEO Sam Bankman-Fried said his company was “fine” and would continue to be so, FTX and Binance have reached a deal to have Changpeng Zhao’s company buy FTX.

Both the Binance chief and SBF tweeted the development, with reference to a liquidity crunch that has seen FTX come full circle as a crypto exchange. Zhao tweeted:

“This afternoon, FTX asked for our help. There is 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.”

This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

— CZ 🔶 Binance (@cz_binance) November 8, 2022

Bankman-Fried confirmed the deal was on the table, also tweeting earlier on Tuesday:

“Hey all: I have a few announcements to make. Things have come full circle, and http://FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for http://FTX.com (pending DD etc.).”

1) Hey all: I have a few announcements to make.

Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).

— SBF (@SBF_FTX) November 8, 2022

The news follows recent reports about Alameda Research’s balance sheet and Tuesday’s massive price dump for the FTX token.

The post Binance to acquire FTX appeared first on CoinJournal.

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