Subscribe to our newsletter!
This is a developing story
Update: Binance will no longer buy FTX
In a tweet, Binance CEO Changpeng CZ Zhao said his company has signed a “letter of intent” to acquire FTX Exchange, its leading rival whose CEO Sam Bankman-Fried has been in a week-long battle of words with the Binance CEO.
“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://FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days,” Zhao said in a tweet.
Zhao also said this will take some time but Binance has all the discretion to pull out of the deal at any time.
Meanwhile, Sam Bankman-Fried said FTX, including its investors have agreed to sell the exchange to Binance, calling it a “strategic transaction.”
BNB Price After the Announcement
This is a developing story: Binance Signs Deal to Acquire FTX Exchange
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.