Binance to Fully Acquire FTX – Binance CEO

November 8, 2022

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Binance to Fully Acquire FTX – Binance CEO

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The CEO of the world’s largest cryptocurrency exchange, Binance, has disclosed on Twitter that an agreement has been reached to buy Sam Bankman-Fried FTX exchange.

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Binance Reached Agreement to Buy FTX Exchange

Binance has reached an agreement with FTX to acquire ftx.com. The move is a response to combating FTX’s “liquidity crunch” which in turn leads to both parties signing “a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch.”

As of press time, the worth of the deal is yet to be disclosed.

“Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc.),” CEO Sam Bankman-Fried tweeted on Tuesday.

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

Later on Tuesday, Binance’s CEO confirmed the move on Twitter, according to him, Binance is intending to acquire ftx.com to protect 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 ???? BNB (@cz_binance) November 8, 2022

The news came following Binance CEO’s announcement on Sunday that his exchange is selling off all the FTX native tokens due to “recent revelations”.

Although, FTX CEO cleared the air about the speculations going around in the crypto community about FTX facing a liquidity crisis, and also on Tuesday, On-chain data revealed that the FTX exchange paused withdrawals of ETH, Solana, and TRON, raising concerns about whether FTX is really facing liquidity crisis or not.

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