In a recent development, Binance CEO, Changpeng Zhao or popularly referred to as CZ announced on Twitter that they have signed a non-binding Letter of Intent (LOI), intending to fully acquire the FTX cryptocurrency exchange.
According to CZ, officials from FTX reached out to Binance as there was a significant liquidity crunch. In order to help cover this, Binance would be acquiring the whole of FTX.
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
— CZ 🔶 Binance (@cz_binance) November 8, 2022
Trending Stories
He further went on to add,
There is a lot to cover and will take some time. This is a highly dynamic situation, and we are assessing the situation in real time. Binance has the discretion to pull out from the deal at any time. We expect FTT to be highly volatile in the coming days as things develop.
Ecosystem
Research
News Network
About