Binance announces intent to acquire crypto exchange FTX

Binance CEO Changpeng “CZ” Zhao made an announcement on Twitter, stating that crypto exchange FTX had approached Binance for help. In response to the request, CZ noted that Binance had signed a letter of intent to acquire FTX to help with the liquidity issues. As a non-binding letter, the situation will be assessed, with a full due diligence conduct in the next few days.

Following the announcement, FTX CEO Sam Bankman-Fried also made an announcement on Twitter regarding the intention. His Twitter thread notes that this move “is a user-centric development that benefits the entire industry.”

 He continued to eradicate rumours of possible conflict between the two companies, stating:

“I know that there have been rumors in media of conflict between our two exchanges, however Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands.”

Bankman-Fried also urged that customers are protected despite any liquidity issues FTX is facing as well as the possible acquisition that might be on the cards. If this agreement continues and the deal goes ahead with a full acquisition, it would represent one of the biggest merged companies the crypto space has seen.

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