After all of the hypothesis surrounding the crypto exchanges Binance and FTX, Binance CEO Changpeng Zhao (CZ) revealed that his firm is about to accumulate FTX. CZ detailed that FTX requested for assist and famous there’s a “significant liquidity crunch.” FTX CEO Sam Bankman-Fried has confirmed the acquisition will happen.
Binance Set to Acquire FTX After Drawn Out Confusion
On Nov. 8, 2022, Binance CEO Changpeng Zhao (CZ) revealed that his firm can be taking up FTX. “This afternoon, FTX asked for our help,” CZ wrote. “There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire [FTX] and help cover the liquidity crunch. We will be conducting a full DD in the coming days.”
The acquisition information follows CZ explaining earlier this week his trade can be dumping its FTT holdings. A major quantity of hypothesis adopted and the crypto neighborhood began to monitor FTX-associated crypto addresses. Following CZ’s announcement on Tuesday, Bankman-Fried confirmed that Binance can be taking up the corporate. The FTX CEO said:
Issues have come full circle, and [FTX’s] first, and final, traders are the identical: we now have come to an settlement on a strategic transaction with Binance for [FTX] (pending DD and so forth.).
Bankman-Fried added that FTX and Binance groups have been engaged on clearing a backlog of withdrawals. “This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. — we apologize for that,” Bankman-Fried detailed.
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