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Crypto giant Binance agrees to buy rival FTX

November 09, 2022

Crypto giant Binance agrees to buy rival FTX
Binance said Tuesday it has signed a letter of intent to acquire its most formidable rival FTX, delivering a surprising twist to days-long public spat between the world’s two largest crypto exchanges that contributed to several digital tokens taking a tumble Tuesday.

The deal follows Binance founder Changpeng Zhao and FTX founder Sam Bankman-Fried’s months-long clash on social media, which escalated earlier this week.

Zhao (pictured above) said Binance reached the decision after the three-year-old exchange FTX asked the crypto behemoth for help. “To protect users, we signed a non-binding LOI, intending to fully acquire FTX and help cover the liquidity crunch. We will be conducting a full DD in the coming days,” he said in a tweet.

“Binance has the discretion to pull out from the deal at any time,” Zhao, more popularly known as CZ, cautioned. But “the important thing is that customers are protected,” said Bankman-Fried, or as many call him, SBF.

Binance, the world’s largest crypto exchange, is the first investor that backed FTX, but as the younger firm grew in popularity, the relationship between the two started to wither. The firms haven’t disclosed the financial terms of the deal, but it is likely not great / utterly terrible for investors of FTX, which was valued at $32 billion in a financing round earlier this year.

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