BINANCE TO BUY SAM BANKMAN-FRIED'S CRYPTO EXCHANGE FTX

By Sakshi

 Nov 9,2022

Sam Bankman-Fried the chief of one of the most renowned cryptocurrency exchanges, has said that the exchange signed a non-binding agreement 

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with a rival Binance to purchase FTX business, as they are facing the biggest liquidity crisis.

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The Binance Chief Executive Changpeng "CZ" Zhao confirmed the bankruptcy news and shared the following tweet regarding the possibility of a buyout. 

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The purchase is subject to complete diligence over the next few days.

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"This evening, FTX asked for our assistance. There is a major liquidity crisis. To safeguard the users, we have made a non-binding offer to purchase, 

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in the hopes of acquiring 100% of http://FTX.com and helping to alleviate the liquidity crisis. We'll conduct the full DD within the next few days."

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Zhao the man who said yesterday that his exchange will shortly dump thousands of million of dollars of the native currency of FTX - stated that Binance is able to withdraw from the transaction at any point.

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According to tweets by the two companies, Zhao and Bankman-Fried, the deal affects only the US-based businesses, FTX.com. 

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The US branches of both the cryptocurrency giants Binance.US as well as FTX.us will be independent of the deal.

Image Source and Credit  : Google