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Breaking: Binance Enters Agreement to Acquire FTX

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By 247patrick Updated Published
Breaking: Binance Enters Agreement to Acquire FTX

© Pattanaphong Khuankaew / Getty Images

  • 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.

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