{"id":273558,"date":"2022-11-08T16:28:32","date_gmt":"2022-11-08T16:28:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=273558"},"modified":"2023-10-17T10:28:24","modified_gmt":"2023-10-17T09:28:24","slug":"binance-to-fully-acquire-ftx","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-to-fully-acquire-ftx\/","title":{"rendered":"Binance intends to fully acquire FTX"},"content":{"rendered":"<div class=\"css-1dbjc4n r-18u37iz r-1h0z5md\">\n<div class=\"css-18t94o4 css-1dbjc4n r-1777fci r-bt1l66 r-1ny4l3l r-bztko3 r-lrvibr\" role=\"button\" aria-label=\"2996 Likes. Like\" data-testid=\"like\">\n<div class=\"css-901oao r-1awozwy r-1bwzh9t r-6koalj r-37j5jr r-a023e6 r-16dba41 r-1h0z5md r-rjixqe r-bcqeeo r-o7ynqc r-clp7b1 r-3s2u2q r-qvutc0\" dir=\"ltr\">\n<div class=\"css-1dbjc4n r-xoduu5 r-1udh08x\">\n<p><span style=\"font-weight: 400;\">Binance announced that it intends to fully acquire FTX to protect its users from a liquidity crunch.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Changpeng Zhao, the CEO of Binance, said on Twitter that FTX approached the exchange looking for help as it was struggling with liquidity on its platform. CZ said that Binance signed a non-binding letter of intent (LOI) to acquire the company in the coming days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A full due diligence process is expected to be completed in the next few days, as well as more detailed information about the acquisition.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">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 <a href=\"https:\/\/t.co\/BGtFlCmLXB\">https:\/\/t.co\/BGtFlCmLXB<\/a> and help cover the liquidity crunch. We will be conducting a full DD in the coming days.<\/p>\n<p>&mdash; CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1590013613586411520?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p>&#8220;<span style=\"color: #333333;\">There is a lot to cover and will take some time. This is a highly dynamic situation, and we are assessing the situation in real-time,&#8221; CZ said on Twitter. &#8220;Binance has the discretion to pull out from the deal at any time. We expect FTT to be highly volatile in the coming days as things develop.&#8221;<\/span><\/p><\/blockquote>\n<div data-testid=\"cellInnerDiv\">\n<div class=\"css-1dbjc4n r-1adg3ll r-1ny4l3l\">\n<div class=\"css-1dbjc4n\">\n<div class=\"css-1dbjc4n\">\n<article class=\"css-1dbjc4n r-1cuuowz r-1loqt21 r-18u37iz r-1ut4w64 r-1ny4l3l r-1udh08x r-1qhn6m8 r-i023vh r-o7ynqc r-6416eg\" role=\"article\" aria-labelledby=\"id__9d6xb1m5uxw id__qvks2z0jppe id__p5xpy2at3u id__9y7zxfjv8ut id__7mfghrrnp7f id__7xdnqa0rv7q id__g06lyzw9ufk id__xamvwhgowol id__a7cckizr65 id__g5fmlzk96zp id__ppgpfg4apm id__97fy0ev5iuw id__p3q4i1ffg0q id__p119w0e6use id__yust62clgpg id__ip1zulctoi8 id__3rhg3e49nbq id__4978enqr8ti id__dqk82se4hqv\" data-testid=\"tweet\">\n<div class=\"css-1dbjc4n r-eqz5dr r-16y2uox r-1wbh5a2\">\n<div class=\"css-1dbjc4n r-16y2uox r-1wbh5a2 r-1ny4l3l\">\n<div class=\"css-1dbjc4n\">\n<div class=\"css-1dbjc4n r-18u37iz\">\n<div class=\"css-1dbjc4n r-1iusvr4 r-16y2uox r-1777fci r-kzbkwu\">\n<div class=\"css-1dbjc4n\">\n<div class=\"css-1dbjc4n\">\n<div id=\"id__dqk82se4hqv\" class=\"css-1dbjc4n r-1ta3fxp r-18u37iz r-1wtj0ep r-1s2bzr4 r-1mdbhws\" role=\"group\" aria-label=\"118 replies, 374 Retweets, 2996 likes\">\n<div class=\"css-1dbjc4n r-18u37iz r-1h0z5md\">\n<div class=\"css-18t94o4 css-1dbjc4n r-1777fci r-bt1l66 r-1ny4l3l r-bztko3 r-lrvibr\" role=\"button\" aria-label=\"118 Replies. Reply\" data-testid=\"reply\">\n<div class=\"css-901oao r-1awozwy r-1bwzh9t r-6koalj r-37j5jr r-a023e6 r-16dba41 r-1h0z5md r-rjixqe r-bcqeeo r-o7ynqc r-clp7b1 r-3s2u2q r-qvutc0\" dir=\"ltr\">\n<div class=\"css-1dbjc4n r-xoduu5\">\n<div class=\"css-1dbjc4n r-1niwhzg r-sdzlij r-1p0dtai r-xoduu5 r-1d2f490 r-xf4iuw r-1ny4l3l r-u8s1d r-zchlnj r-ipm5af r-o7ynqc r-6416eg\">\n<p><span style=\"font-weight: 400;\">Sam Bankman-Fried, the founder and CEO of FTX and Alameda Research, confirmed the acquisition, saying that Binance has become the first and last investor in FTX.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FTX has come to an &#8220;agreement on a strategic transaction&#8221; with Binance, SBF said but provided no time frame as to when the acquisition will be completed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SBF reiterated that customer funds will be protected as both Binance and FTX were working on clearing out the withdrawal backlog. As CryptoSlate previously covered, FTX came under fire for failing to process any withdrawals on the Ethereum blockchain for over three hours.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All of the assets on FTX will be covered 1:1 and the liquidity crunch the exchange was experiencing will be cleared out, SBF said in a tweet.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;This is one of the main reasons we've asked for Binance to come in. It may take a bit to settle etc. &#8212; we apologize for that.&#8221;<\/span><\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">4) A *huge* thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.<\/p>\n<p>&mdash; SBF (@SBF_FTX) <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1590012129876512769?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">SBF noted that FTX.US and Binance.US are two separate entities from FTX and Binance and have not been impacted by the acquisition.\u00a0 FTX.US, the exchange U.S. arm, has been operating normally and the platform is fully liquid.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Binance\u2019s native token BNB soared on news of the acquisition, spiking over 20% in minutes.<\/span><\/p>\n<figure id=\"attachment_273588\" aria-describedby=\"caption-attachment-273588\" style=\"width: 870px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-273588 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/BNBUSD_2022-11-08_17-50-05-2.png\" alt=\"ftx binance acquisition bnb price\" width=\"870\" height=\"482\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/BNBUSD_2022-11-08_17-50-05-2.png 870w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/BNBUSD_2022-11-08_17-50-05-2-300x166.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/BNBUSD_2022-11-08_17-50-05-2-768x425.png 768w\" sizes=\"(max-width: 870px) 100vw, 870px\" \/><figcaption id=\"caption-attachment-273588\" class=\"wp-caption-text\">Graph showing BNB\u2019s price from Nov. 5 to Nov. 8 (Source: CryptoSlate BNB)<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">BNB\u2019s spike pulled the rest of the market with it into the green, including FTX\u2019s native token. FTT saw a vertical drop that wiped out over 36% of its price as rumors of the exchange's insolvency began circulating. However, Binance's intent to acquire the exchange sent the token's price skyrocketing \u2014 FTT gained over 20% at press time.\u00a0<\/span><\/p>\n<figure id=\"attachment_273594\" aria-describedby=\"caption-attachment-273594\" style=\"width: 719px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-273594 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/FTTUSD_2022-11-08_18-09-38.png\" alt=\"ftx ftt price\" width=\"719\" height=\"499\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/FTTUSD_2022-11-08_18-09-38.png 719w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/11\/FTTUSD_2022-11-08_18-09-38-300x208.png 300w\" sizes=\"(max-width: 719px) 100vw, 719px\" \/><figcaption id=\"caption-attachment-273594\" class=\"wp-caption-text\">Graph showing FTT\u2019s price (Source: CryptoSlate FTT)<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div data-testid=\"cellInnerDiv\">\n<div class=\"css-1dbjc4n r-1igl3o0 r-qklmqi r-1adg3ll r-1ny4l3l\">\n<div class=\"css-1dbjc4n\">\n<div class=\"css-1dbjc4n\">\n<article class=\"css-1dbjc4n r-1loqt21 r-18u37iz r-1ny4l3l r-1udh08x r-1qhn6m8 r-i023vh r-o7ynqc r-6416eg\" role=\"article\" aria-labelledby=\"id__tcps1v0t4hp id__51okjkqi1mc id__j3x22sb10k id__ahetz208bc id__okf7df2dpmq id__b078rc5x7ru id__n0htrysuad id__nv5zoo2j5u9 id__yfth0co6vbd id__qnh9rdhyidh id__yh13oxypjo id__6ju70yxm9wq id__j936q3bz9r id__bmni3txjgq6 id__ou97u7hjb3m id__vwkk8yj77qk id__f11r3vi6z5 id__wjsbfrl2qtq id__2ayyb1w97mn\" data-testid=\"tweet\">\n<div class=\"css-1dbjc4n r-eqz5dr r-16y2uox r-1wbh5a2\">\n<div class=\"css-1dbjc4n r-16y2uox r-1wbh5a2 r-1ny4l3l\">\n<div class=\"css-1dbjc4n\">\n<div class=\"css-1dbjc4n\">\n<div class=\"css-1dbjc4n r-18u37iz\">\n<div class=\"css-1dbjc4n r-1hwvwag r-18kxxzh r-15zivkp r-1b7u577\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Binance announced that it intends to fully acquire FTX to protect its users from a liquidity crunch.\u00a0 Changpeng Zhao, the CEO of Binance, said on Twitter that FTX approached the exchange looking for help as it was struggling with liquidity on its platform. CZ said that Binance signed a non-binding letter of intent (LOI) to [&hellip;]<\/p>\n","protected":false},"author":759,"featured_media":211777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[76833],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance intends to fully acquire FTX<\/title>\n<meta name=\"description\" content=\"The CEO of Binance announced that the company intends to fully acquire FTX to protect its users from a liquidity crunch\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-to-fully-acquire-ftx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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