CZ Says Binance Intends to ‘Fully Acquire FTX,’ Sam Bankman-Fried Confirms Transaction

After each the speculation surrounding the crypto exchanges Binance and FTX, Binance CEO Changpeng Zhao (CZ) revealed that his institution is acceptable to get FTX. CZ elaborate that FTX asked for assistance and noted determination is simply a “significant liquidity crunch.” FTX CEO Sam Bankman-Fried has confirmed the acquisition volition instrumentality place.

Binance Set to Acquire FTX After Drawn Out Confusion

On Nov. 8, 2022, Binance CEO Changpeng Zhao (CZ) revealed that his institution would beryllium taking implicit FTX. “This afternoon, FTX asked for our help,” CZ wrote. “There is simply a important liquidity crunch. To support users, we signed a non-binding LOI, intending to afloat get [FTX] and assistance screen the liquidity crunch. We volition beryllium conducting a afloat DD successful the coming days.”

The acquisition quality follows CZ explaining earlier this week his speech would beryllium dumping its FTT holdings. A important magnitude of speculation followed and the crypto assemblage began to monitor FTX-associated crypto addresses. Following CZ’s announcement connected Tuesday, Bankman-Fried confirmed that Binance would beryllium taking implicit the company. The FTX CEO said:

Things person travel afloat circle, and [FTX’s] first, and last, investors are the same: we person travel to an statement connected a strategical transaction with Binance for [FTX] (pending DD etc.).

Bankman-Fried added that FTX and Binance teams were moving connected clearing a backlog of withdrawals. “This volition wide retired liquidity crunches; each assets volition beryllium covered 1:1. This is 1 of the main reasons we’ve asked Binance to travel in. It whitethorn instrumentality a spot to settee etc. — we apologize for that,” Bankman-Fried detailed.

What bash you deliberation astir Binance acquiring FTX aft the past fewer days of speculation? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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