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Binance announces acquisition of FTX platform

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After a few days of tense exchanges with Sam Bankman-Fried, Changpeng Zhao today announced the upcoming acquisition of the FTX platform:

“This afternoon, FTX asked us for help in dealing with a major liquidity crisis. In order to protect users, we have signed a non-binding agreement, with the intention to fully acquire FTX.com and help cover the liquidity shortfall […]. But there is a lot to do and it will take time. The situation is very fluid and we are evaluating it in real time. Binance reserves the right to withdraw from the agreement at any time. Therefore, we expect the ITF to [jeton de la plateforme FTX] To be very volatile in the coming days.” – Changpeng Zhao, CEO of Binance.

The agreement was confirmed by Sam Bankman-Fried, chief executive officer of FTX:

“We have come full circle, and FTX.com’s first and last investors are the same: we have reached agreement on a strategic transaction with Binance for the sale of FTX.com. Our teams are working to eliminate the backlog of withdrawals and liquidity issues. All assets will be hedged on a 1:1 ratio, which is one of the main reasons we asked for Binance’s participation. Many thanks to CZ, Binance and all our supporters. […]. CZ has done, and will continue to do, incredible work to build the global cryptocurrency ecosystem and create a freer economic world.” – Sam Bankman-Fried

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