Breaking: Binance Enters Agreement to Acquire FTX

  • 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

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.