The world’s largest cryptocurrency exchange is buying FTX from rival exchanges. Binance CEO CZ announced on Twitter that they have reached an agreement on the acquisition.
Binance buys FTX
The conflict between the exchanges ended with Binance’s decision to buy FTX. According to Binance CEO CZ, the acquisition will ease FTX’s “liquidity crunch” a bit. FTX CEO Sam Bankman-Fried also made statements on Twitter that the agreement would be beneficial for the ecosystem.
The terms of the deal have not yet been made public. Binance stated that after the purchase, FTX will “always” have the right to leave the deal. Meanwhile, CZ said they need a little more time before closing the deal. According to Bankman-Fried, the deal will be advantageous for the entire industry. Additionally, he praised Zhao for “creating a freer economic world” and “doing an incredible job of building the global crypto ecosystem.”
The announcement of the tentative deal between the two major exchanges comes just a day after SBF claimed on Twitter that FTX and its holdings were “good” and dismissed reports of liquidity issues as “false rumors”. The FTX CEO also urged CZ to ensure that exchanges work together “for the ecosystem.” However, some of the Binance CEO’s social media responses suggested that he did not support the deal. CZ replied to Alameda Research’s offer to buy all the FTTs they would sell at $22, saying it would “remain in the free market”.
FTT investors took a deep breath
After the news, the price of both Bitcoin, BNB and FTT rose significantly. Bitcoin increased by more than $ 1000, exceeding $ 20 thousand 600, while BNB gained 24 percent and FTT by about 30 percent. Especially after the FTT regressed to $ 15 during the day, it found the opportunity to recover up to $ 18.
If the deal between FTX and Binance goes forward, it potentially represents a major turning point in the crypto market. Some reports have reported that Coinbase is planning to acquire domestic cryptocurrency exchange BtcTurk for $3.2 billion. FTX is reportedly raising $1 billion to explore additional acquisitions, aiming to acquire Bitvo as part of its Canadian market entry, which often recruits businesses associated with cryptocurrencies.
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