Checkmate: Binance Moves to Acquire FTX
Binance has announced it is set to acquire its rising rival, FTX. Binance CEO, Changpeng Zhao made this known in a tweet . “ This afternoon, FTX asked for our help. There is a significant liquidity crunch ,” the tweet began. FTX CEO, Sam Bankman-Fried also confirmed the news that has left the crypto community shocked. 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’s solvency has been in doubt since reports emerged that Alameda, FTX’s sister firm, only held FTT on its balance sheet. Following the report, Binance stated that it would be liquidating its FTT holdings. Although it noted that the liquidation was unrelated to Coindesk’s balance sheet report. But this disclaimer was not sufficient to keep FTT fro...