Binance to fully acquire FTX

1 year ago

Binance announced that it intends to afloat get FTX to assistance the speech screen its liquidity crunch.

Changpeng Zhao, the CEO of Binance, said connected Twitter that FTX approached the speech looking for assistance arsenic it was struggling with liquidity connected its platform. CZ said that Binance signed a non-binding missive of intent (LOI) to get the institution successful the coming days.

A afloat owed diligence process is expected to beryllium completed successful the adjacent fewer days, arsenic good arsenic much elaborate accusation astir the acquisition.

This afternoon, FTX asked for our help. There is simply a important liquidity crunch. To support users, we signed a non-binding LOI, intending to afloat get https://t.co/BGtFlCmLXB and assistance screen the liquidity crunch. We volition beryllium conducting a afloat DD successful the coming days.

— CZ Binance (@cz_binance) November 8, 2022

“There is simply a batch to screen and volition instrumentality immoderate time. This is simply a highly dynamic situation, and we are assessing the concern successful real-time,” CZ said connected Twitter. “Binance has the discretion to propulsion retired from the woody astatine immoderate time. We expect FTT to beryllium highly volatile successful the coming days arsenic things develop.”