Binance Plans to Acquire FTX

In previous news, we mentioned that Binance will sell all FTX tokens, and the sale will continue for months. Now, we want to mention that there is another big and important news about the relationship between Binance and FTX.

The most known cryptocurrency exchange in the World, Binance, signed a nonbinding agreement for buying FTX which is a Bahamian cryptocurrency exchange.

This circumstance was announced by Changpeng Zhao, the CEO of Binance, yesterday. According to Zhao, FTX asked for help because of the liquidity crunch. Also, he mentioned that they will conduct a full DD in the coming days.

In addition to Zhao’s announcement, Sam Bankman-Fried, the founder and CEO of FTX, tweeted about this situation. He indicated that they are working on clearing out the withdrawal backlog, and all assets will be covered 1:1.

Both of the important names emphasized that customers will be protected, so there is no big concern for the customers.

As can be understood from social media, these two names are using trenchant words to each other for several months. Then, Zhao announced that Binance is selling the native token of FTX exchange called FTT three days ago via Twitter. You can find the all details of the sale in our news. After the sale announcement, Zhao and Bankman-Fried announced that FTX exchange will be bought by Binance, and people encountered a warm relationship between these two billionaires with the recent announcement.

With the previous announcement about the sale of FTX tokens (FTT) by Binance, FTT lost nearly 40% in value on cryptocurrency exchanges, falling to $15. Due to the significant increase in withdrawals on the FTX exchange, many users reported that they had problems withdrawing their money from the exchange.

Both Zhao and Bankman-Fried explained the situation between Binance and FTX, but they have not shared the details of the deal yet.

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