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Binance’s Changpeng Zhao Buys Rival FTX

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Binance’s Changpeng Zhao is buying FTX. Below you can find some relevant announcements that have been made via Twitter.

Binance buys rival FTX

The crypto market is shaken by the latest announcements that have been made in the crypto space.

 

 

FTX founder Sam Bankman-Fried said the following:

“Our teams are working on clearing out the withdrawal backlog as is. 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. It may take a bit to settle etc. — we apologize for that.”

He continued and said:

“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.”

He also posted some details about the links between the two entities:

“I know that there have been rumors in media of conflict between our two exchanges, however, Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands.”

It’s important to note the fact that the closure of this deal might attract regulatory scrutiny.

The crypto markets tumbled following the release of the news.

At the moment of, digital assets are all trading in the red. Stay tuned for more reports from the crypto space.

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