Cryptocurrency exchange Binance buys rival FTX
1Cryptocurrency exchange Binance buys rival FTX
It has been announced that the world's largest crypto exchange Binance plans to acquire FTX, the third largest crypto exchange in terms of trading volume.
Cryptocurrency exchange Binance is buying competitor FTX. The statement came from Binance’s Founder and Chief Executive Officer, Changpeng Zhao.
In a statement on Twitter, Zhao stated that FTX has asked Binance for help today.
Pointing out that FTX has a liquidity problem, Zhao said, “In order to protect users, we signed a non-binding letter of intent to fully acquire FTX.com and help resolve the liquidity problem.” used the phrase.
Sam Bankman-Fried, CEO of Binance competitor FTX, also confirmed the development, saying, “We have agreed with Binance on a strategic transaction for FTX.com.” said.
Pointing to some media reports of problems between Binance and FTX, Bankman-Fried said, “Binance has repeatedly shown that they are committed to a more decentralized global economy while trying to improve relations between regulators and the industry.” commented.
Neither side shared details of the deal.
ZHAO'S FTT MOVE CREATED LIQUIDITY PROBLEM IN FTX
Zhao announced on November 6 that they decided to sell FTX's FTT tokens as a result of their "recent evaluations".
After the announcement, FTT lost nearly 40 percent in value on cryptocurrency exchanges, falling to $ 15.
Due to the significant increase in withdrawals on the US-based FTX exchange, many users reported that they had problems withdrawing their money from the exchange.