Breaking: Binance CEO Announces Intent to Acquire FTX to “Help Cover Liquidity Crunch”
FTX CEO Sam Bankman-Fried called the news "user-centric development that benefits the whole world." sector".
Recent news
Following the announcement by Binance CEO Changpeng Zhao that the company would liquidate its position in FTX Token (FTT), FTX CEO Sam Bankman-Fried, also known as "SBF", took to social media, apparently in an effort to quell rumors of the clash. between major crypto exchanges.
According to a Nov. 8 Twitter thread from Bankman-Fried, FTX has “reached a strategic deal agreement” with Binance following attempts to clear its backlog of withdrawals. SBF said it asked Binance to step in, in an effort to "address liquidity issues" and hedge assets on a 1:1 basis.
"I know there have been rumors in the media of conflict between our two exchanges, but Binance has shown time and time again that they are committed to a more decentralized global economy while striving to improve industry relationships with regulators,” SBF said. "We are in good hands."
Zhao posted his own statement on Twitter, saying that FTX had asked Binance for help on Nov. 8 in response to a “significant liquidity shortage.” According to the CEO of Binance, the transaction SBF was referring to was a non-binding letter of intent allowing the major exchange to acquire FTX. Zhao added that Binance is "assessing the situation in real time" and has the ability "to withdraw from the agreement at any time".
This afternoon, FTX asked for our help. There is a major liquidity crisis. To protect users, we have signed a non-binding letter of intent, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the...
FTX CEO Sam Bankman-Fried called the news "user-centric development that benefits the whole world." sector".
Recent news
Following the announcement by Binance CEO Changpeng Zhao that the company would liquidate its position in FTX Token (FTT), FTX CEO Sam Bankman-Fried, also known as "SBF", took to social media, apparently in an effort to quell rumors of the clash. between major crypto exchanges.
According to a Nov. 8 Twitter thread from Bankman-Fried, FTX has “reached a strategic deal agreement” with Binance following attempts to clear its backlog of withdrawals. SBF said it asked Binance to step in, in an effort to "address liquidity issues" and hedge assets on a 1:1 basis.
"I know there have been rumors in the media of conflict between our two exchanges, but Binance has shown time and time again that they are committed to a more decentralized global economy while striving to improve industry relationships with regulators,” SBF said. "We are in good hands."
Zhao posted his own statement on Twitter, saying that FTX had asked Binance for help on Nov. 8 in response to a “significant liquidity shortage.” According to the CEO of Binance, the transaction SBF was referring to was a non-binding letter of intent allowing the major exchange to acquire FTX. Zhao added that Binance is "assessing the situation in real time" and has the ability "to withdraw from the agreement at any time".
This afternoon, FTX asked for our help. There is a major liquidity crisis. To protect users, we have signed a non-binding letter of intent, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the...
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