Coinspeaker
Binance Is Acquiring FTX
Binance has agreed to buy rival crypto exchange FTX following the collapse of the latter’s native exchange token FTT. The deal was confirmed by the CEO of the two parties, Changpeng Zhao (CZ) of Binance and Sam Bankman-Fried of FTX. In a tweet, CZ stated that FTX asked for help. The crypto enthusiast added that the firm signed a “non-binding LoI” in order to protect users, fully takeover FTX, and assist with a “significant liquidity crunch.”
Binance to Acquire FTX
For now, there are no financial details of the transaction between Binance and FTX. Also, the acquisition does not involve the US arms of both businesses- Binance US and FTX US. The Binance chief wrote that there are still many processes to cover concerning the agreement with Binance. He added:
“This is a highly dynamic situation, and we are assessing the situation in real time. Binance has the discretion to pull out from the deal at any time. We expect FTT to be highly volati
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