Investing

Breaking: Binance Enters Agreement to Acquire FTX

Binance’s CEO announced in a tweet that it intends to fully acquire competitor exchange FTX to help cover the “liquidity crunch.”

By 247patrick

Published November 8, 2022, 11:50am ET · 1 min read

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

In a recent tweet, Binance’s CEO announced the exchange has entered a non-binding LOI intending to fully acquire competitor exchange FTX to help cover the “liquidity crunch.”
This news comes after concerns raised by Binance and its announcement of selling FTT tokens based on “recent revelations” that had come to light.
While Binance had never revealed what the revelations were, the exchange’s move put massive pressure on FTT and led to the crypto community questioning FTX’s liquidity, with many fearing a bank run.
Yesterday, FTX’s CEO had tweeted that the exchange was “fine“. Earlier today however, it was reported that FTX appeared to have paused on-chain withdrawals.

This article originally appeared on The Tokenist

Contact [email protected] for any questions or corrections.

1INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).2The probability of a member receiving $3,000 is 0.028%. If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Members must fund their account with a minimum of $50.00 to qualify. The probability percentage is subject to decrease. Members are only eligible for the Stock Award promotion upon opening their first brokerage account; subsequent cash brokerage accounts are ineligible for the promo, including for members with multiple accounts.

3Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.

4There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.

247patrick

All articles →