Binance to the Rescue?

Top 2 Crypto Exchanges Cut Deal

Binance to the Rescue?

Two of the biggest names in crypto just cut a deal. I’m talking about Binance and FTX. Globally, these exchanges are the players.

Binance is making massive strides in terms of customer acquisition in developing countries. FTX has been in the headlines for the last few years, gobbling up smaller competitors and related businesses via an aggressive acquisition strategy. Both Binance and FTX are names you need to know alongside the likes of Coinbase, Kraken, Gemini, and Crypto dot com.

Friend or Foe?

CZ 🔶 Binance @cz_binance

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 FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

Changpeng Zhao (CZ) is the head of Binance. He’s been in the bitcoin and crypto space for nearly a decade and was part of the early team at blockchain dot info. Plus, he was also one of FTX’s first investors…

SBF @SBF_FTX

1) Hey all: I have a few announcements to make. Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc.).

CZ has grown Binance into a household name in the cryptocurrency space and he is personally among the wealthiest people on the planet.

Details are unfolding but it looks as though Binance competitor, FTX, was in an unexpected liquidity crunch. Why that is remains to be seen…

FTX CEO Sam Bankman-Fried (SBF) has been dubbed the “JP Morgan of Crypto.” His company swooped in and saved others during the recent crypto bear market. FTX appeared invincible and he and CZ have even gone back and forth at one another publicly. Maybe things seemed too good to be true at FTX…