The Bank Slate


Binance agrees to buy crypto rival FTX

Binance has agreed to buy cryptocurrency rival FTX.

Binance CEO Changpeng Zhao tweeted on Tuesday that his company had signed a letter of intent to acquire FTX, with due diligence to occur “in coming days.”

Zhao said “there is a significant liquidity crunch,” adding that the deal was necessary to “protect users.”

“Things have come full circle, and’s first, and last, investors are the same,” FTX CEO Sam Bankman-Fried said in a separate tweet. “We have come to an agreement on a strategic transaction with Binance for”

Our teams are working on clearing out the withdrawal backlog as is,” Bankman-Fried added. “This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle … we apologize for that.

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