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HomeBankruptcyBinance Has Agreed "Non-Binding" Acquisition With FTX

Binance Has Agreed “Non-Binding” Acquisition With FTX

The crypto industry is witnessing a mega takeover on the horizon! The world’s largest exchange for digital currencies such as Bitcoin, Binance, wants to take over most of the business of rival FTX.

After Zhao (Founder and CEO of Binance) himself seeded doubts about FTX’s cash reserves with a tweet on Sunday, the trading platform has seen huge withdrawals of funds in recent days.

According to U.S. media, customers wanted to withdraw about $6 billion within 72 hours. FTX CEO Sam Bankman-Fried himself reportedly told employees this. On Twitter, the 30-year-old crypto billionaire confirmed liquidity shortages and a not-yet-binding acquisition agreement with Binance for FTX.com, his group’s main business unit. Binance is expected to audit the competitor’s books in the coming days. The crypto exchange’s U.S. business is excluded from the deal.

Bankman-Fried assured that all customers are protected and will be paid in full. Previously, he had claimed that there was no cause for concern and dismissed rumors of a cash crunch as false.

In the crypto market, the uncertain situation at FTX caused nervousness.

On Tuesday, the bitcoin price fell at times by more than 13 percent to around $18,000. Since the beginning of the year, the price of the oldest and best-known cryptocurrency has fallen by more than 60 percent.

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