Binance to buy FTX in major cryptocurrency exchange merger

[Google News Bot]

Public squabble between the two largest offshore exchanges’ bosses led to run on FTX and forced saleThe two largest offshore cryptocurrency exchanges are merging, after a week of public squabbling between Binance’s chief executive, Changpeng Zhao, and FTX’s boss, Sam Bankman-Fried, triggered a bank run at the latter’s exchange and an embarrassing forced sale on Tuesday.“This afternoon, FTX asked for our help,” tweeted Zhao. “There is a significant liquidity crunch. To protect users, we signed a non-binding [letter of intent], intending to fully acquire FTX.com.” Continue readin ...

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