CZ Says Binance Intends to ‘Fully Acquire FTX,’ Sam Bankman-Fried Confirms Transaction – Bitcoin News

Following all of the speculation about the cryptocurrency exchanges Binance (FTX), Binance CEO Changpeng Zhao has revealed that his company will be buying FTX. CZ detailed that FTX asked for help and noted there is a “significant liquidity crunch.” FTX CEO Sam Bankman-Fried has confirmed the acquisition will take place.

Binance to Buy FTX after Drawn-Out Confusion

Changpeng Zhao (CZ), Binance CEO, will take office on Nov. 8, 2022. revealedCZ announced that his company would take control of FTX. “This afternoon, FTX asked for our help,” CZ wrote. “There is a significant liquidity crunch. We signed a non-binding LOI to protect our users. [FTX]It will also help with the liquidity crunch. We will be conducting a full DD in the coming days.”

CZ announced earlier in the week that his exchange would be selling its FTT assets. There was a lot of speculation and crypto communities began to watch FTX-associated addresses. Following CZ’s announcement on Tuesday, Bankman-Fried confirmed that Binance would be taking over the company. The CEO of FTX said:

The world has come full circle. [FTX’s]We have reached an agreement with Binance on a strategic deal. [FTX] (pending DD etc.).

Bankman-Fried addedBinance and FTX teams worked together on clearing a backlog. “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. The process of settling in may be slow. — we apologize for that,” Bankman-Fried detailed.

After the speculation of recent days, what do you think Binance might buy FTX? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has continued to be active ever since. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 6000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.