Cz acquires FTX exchange. Earlier today moves to acquire ftx.com, according to CZ “There is a significant liquidity crunch. To protect users, we signed a non-binding LOI to fully acquire FTX Exchange and help cover the liquidity crunch. We will be conducting a full DD in the coming 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
FTX is an online digital platform for bitcoin and other cryptocurrencies and assets. It facilitates the trading of BTC options as well as other well-known crypto derivatives. FTX offers access to the top spot trading strategies while facilitating financial transfers utilizing fiat money and sturdier cryptocurrencies like Ethereum, Bitcoin, and Litecoin. The supported stablecoins and alternative coins are few.
FTX helps institutional and retail traders diversify their crypto trading portfolios through its trading services. The trading platform provides a wide range of products and trading options. Furthermore, FTX services are made to continue to support the market’s seasoned traders. In other words, the platform is designed for experienced traders.
This week has been awful for traders amidst the current bear market with Bitcoin value under 20k$. Early this year, the value of FTX reached $32 billion, and the largest cryptocurrency exchange by volume is Binance.
Things didn’t turn out well this week for the FTX CEO as they experience a liquidity crunch. We have reached an agreement on a strategic transaction for FTX.com with Binance, and everything has come full circle with the same investors as the first and last investors in FTX.com (pending DD, etc.) Sam Bankman-Fried, CEO of FTX, tweeted on Tuesday.
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
Binance CEO Changpeng “CZ” Zhao has also confirmed the deal. According to him, the two exchange has reached a non-binding letter of intent signed agreement. You can the attached tweet above. Both Bankman-Fried and Zhao stated that a thorough due diligence procedure would start in the following several days.