Binance introduced that it intends to totally purchase FTX to assist the change cowl its liquidity crunch.
FTX CEO Sam Bankman-Fried tweeted:
1) Hey all: I’ve a number of bulletins to make.
Issues have come full circle, and https://t.co/DWPOotRHcX’s first, and final, buyers are the identical: we now have come to an settlement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD and many others.).
— SBF (@SBF_FTX) November 8, 2022
Changpeng Zhao, the CEO of Binance, stated on Twitter that FTX approached the change on the lookout for assist because it was scuffling with liquidity on its platform. CZ stated that Binance signed a non-binding letter of intent (LOI) to amass the corporate within the coming days.
A full due diligence course of is anticipated to be accomplished within the subsequent few days, in addition to extra detailed details about the acquisition.
This afternoon, FTX requested for our assist. There’s a important liquidity crunch. To guard customers, we signed a non-binding LOI, intending to totally purchase https://t.co/BGtFlCmLXB and assist cowl the liquidity crunch. We shall be conducting a full DD within the coming days.
— CZ 🔶 Binance (@cz_binance) November 8, 2022
“There’s a lot to cowl and can take a while. It is a extremely dynamic state of affairs, and we’re assessing the state of affairs in real-time,” CZ stated on Twitter. “Binance has the discretion to drag out from the deal at any time. We anticipate FTT to be extremely risky within the coming days as issues develop.”
