Changpeng Zhao, Founder and Chief Govt Officer of Binance, the world’s largest crypto trade, stated on Twitter that FTX has requested Binance for assist at this time.
Mentioning that FTX has a liquidity downside, Zhao stated, “To be able to shield customers, we signed a non-binding letter of intent to completely purchase FTX.com and assist resolve the liquidity downside.”
“Now we have agreed with Binance on a strategic transaction for FTX.com,” stated Sam Bankman-Fried, CEO of Binance rival FTX.
Pointing to some media studies of issues between Binance and FTX, Bankman-Fried commented, “Binance has repeatedly proven that they’re dedicated to a extra decentralized international economic system, whereas attempting to enhance relations between regulators and the business.”
Neither aspect shared particulars of the deal.
ZHAO’S FTT MOVE CREATED LIQUIDITY PROBLEM IN FTX
In an announcement on November 6, Zhao introduced that they determined to promote FTX’s FTT tokens because of their “remaining evaluations”.
After the announcement, FTT misplaced almost 40 p.c of its worth on cryptocurrency exchanges, falling to $ 15.
As a result of important improve in withdrawals on the US-based FTX trade, many customers reported that that they had issues withdrawing their cash from the trade.
#Cryptocurrency #trade #Binance #buys #rival #FTX