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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.
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
— CZ 🔶 Binance (@cz_binance) November 8, 2022
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.”
1) Hey all: I have a few announcements to make.
Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).
— SBF (@SBF_FTX) November 8, 2022
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.