After all of the hypothesis surrounding the crypto exchanges Binance and FTX, Binance CEO Changpeng Zhao (CZ) revealed that his firm is ready to accumulate FTX. CZ detailed that FTX requested for assist and famous there’s a “vital liquidity crunch.” FTX CEO Sam Bankman-Fried has confirmed the acquisition will happen.
Binance Set to Purchase FTX After Drawn Out Confusion
On Nov. 8, 2022, Binance CEO Changpeng Zhao (CZ) revealed that his firm could be taking up FTX. “This afternoon, FTX requested for our assist,” CZ wrote. “There’s a vital liquidity crunch. To guard customers, we signed a non-binding LOI, intending to totally purchase [FTX] and assist cowl the liquidity crunch. We will likely be conducting a full DD within the coming days.”
The acquisition information follows CZ explaining earlier this week his change could be dumping its FTT holdings. A big quantity of hypothesis adopted and the crypto group started to watch FTX-associated crypto addresses. Following CZ’s announcement on Tuesday, Bankman-Fried confirmed that Binance could be taking up the corporate. The FTX CEO said:
Issues have come full circle, and [FTX’s] first, and final, traders are the identical: now we 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. “It will filter liquidity crunches; all belongings will likely be lined 1:1. This is likely one of the fundamental causes we’ve requested Binance to return in. It might take a bit to settle and so forth. — we apologize for that,” Bankman-Fried detailed.
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