FTX Exchange Set To Be Acquired By Binance Following Liquidity Crisis

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Following a liquidity crunch, FTX reached out to Binance to solve its liquidity issues through acquisition to keep FTX customers whole. FTX Exchange is set to be acquired by Binance, pending due diligence, following a liquidity crisis from FTX, per an announcement from the CEO of FTX. “Our teams are working on clearing out the withdrawal backlog as is,” CEO Sam Bankman-Fried said regarding the pause of withdrawals on FTX assets. “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.&#x ...

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