Exchange Wars Turn Into Truce as Binance Acquires FTX.Com

Binance Gets Presidential Approval To Develop Crypto Marketplace in Kazakhstan

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Binance has signed a non-binding agreement to acquire FTX.com following a significant liquidity crunch at the Bahamas exchange.

According to Binance CEO Changpeng ‘CZ’ Zhao, Binance is monitoring the situation in real time and can pull out of the deal at its discretion.

CZ continued to say that their efforts were directed towards protecting users.

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

The acquisition was implicitly confirmed by FTX CEO Sam Bankman-Fried, who said that the deal with Binance was subject to due diligence.

He also minimized media reports of a feud between himself and Zhao.

Earlier this week, rumors surfaced of a feud between Zhao and FTX CEO Sam Bankman-Fried. The Binance CEO alleged that most of Alameda Research’s holdings of FTT, FTX’s native token, were illiquid and announced that Binance would be liquidating any FTT on its books. Binance received FTT as part of its exit from holding FTX equity.

This is a developing story.

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