Current Events > Binance will buy FTX after liquidity crisis rumors

(+) Yeah! (+)

https://www.theverge.com/2022/11/8/23447496/binance-ftx-acquisition-letter-intent

Binance, the worlds largest crypto exchange by volume, has signed a letter of intent to buy competitor FTX, the third-largest exchange by volume. The acquisition came after a CoinDesk article prompted speculation about FTXs balance sheet. The terms of the deal werent disclosed. The letter of intent is nonbinding, and Binance CEO Changpeng CZ Zhao said the firm will conduct due diligence before the acquisition. Binances acquisition came after CZ said on Sunday hed sell FTXs FTT token, leading to a plunge in the tokens value. That token was the biggest asset on the balance sheet of Alameda Research, the trading firm also founded by Sam Bankman-Fried, the CEO of FTX, according to CoinDesks story. Bankman-Fried said yesterday that CZs Binance was attempting to target FTX with false rumors. Today, Bankman-Fried said that rumors in media of conflict between our two exchanges were exaggerated and that the Binance acquisition will help clear out a backlog of customer withdrawals.

Earlier this year, Bankman-Fried rescued BlockFi and Voyager Digital, two troubled crypto lenders that were under threat of bank runs. Hes also cozied up to US lawmakers, donating more than $39 million in this election cycle still less than hed promised, which was $1 billion before 2024. By contrast, CZs Binance has been targeted by regulators in dozens of countries, including the US. The Securities and Exchange Commission and the Department of Justice in the US are both probing Binance, according to The Wall Street Journal. The deal between the two companies isnt totally done. This is a highly dynamic situation, and we are assessing the situation in real time, CZ said on Twitter. People pulled $1.4 billion from FTX on the Ethereum blockchain over the last day, according to The Wall Street Journal.

When crypto collapses it's going to be epic

Tank a competitor in order to buy them? Seems like a move that would have been illegal if this were regulated...unless you're Elon Musk.

so glad i cashed out all my bitcoin and bought a nice tv last year.

https://gamefaqs.gamespot.com/a/user_image/3/4/3/AABhrNAADM6v.jpg