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Binance agrees to buy FTX’s non-US unit in bailout

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Binance agrees to buy FTX’s non-US unit in bailout



Sam Bankman-Fried, CEO of FTX, had this to share on Twitter:

Sam Bankman-Fried, FTX

Sam Bankman Fried
Source: LinkedIn

Things are now complete, and investors first and last are the same. Binance and we have agreed to a strategic deal for (pending DD, etc.).

Bankman-Fried highlighted that the important thing in the situation is that “customers are protected.”

The deal came after rising concerns over problems with FTX’s liquidity after crypto users  experienced issues with withdrawals on the platform.

This was then further ignited by Zhao who tweeted on Sunday that Binance would liquidate its holdings of rival’s FTX Tokens (FTT) “due to recent revelations that have come to light.”

Changpeng Zhao said:

As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Recent revelations have led us to declare that we will liquidate any FTT still on our books.

This latest development marks a reversal in the roles of FTX, which has been rescuing crypto companies.

The post Binance agrees to buy FTX’s non-US unit in bailout appeared first on LeapRate.



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