Crypto exchange Binance to acquire rival FTX unit

Share via:

Binance CEO Changpeng Zhao (CZ) announced a non-binding agreement to purchase rival FTX’s unit, FTX.com, to help cover a “liquidity crunch” at the cryptocurrency exchange.

Zhao stated on Twitter “FTX requested our assistance this afternoon. There is a severe liquidity crisis. To protect users, we signed a non-binding letter of intent (LOI) with the intention of fully acquiring http://FTX.com and assisting with the liquidity crisis. In the coming days, we will conduct a full DD.” Binance’s CEO also stated that the company has the option to withdraw from the deal at any time.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Crypto exchange Binance to acquire rival FTX unit

Binance CEO Changpeng Zhao (CZ) announced a non-binding agreement to purchase rival FTX’s unit, FTX.com, to help cover a “liquidity crunch” at the cryptocurrency exchange.

Zhao stated on Twitter “FTX requested our assistance this afternoon. There is a severe liquidity crisis. To protect users, we signed a non-binding letter of intent (LOI) with the intention of fully acquiring http://FTX.com and assisting with the liquidity crisis. In the coming days, we will conduct a full DD.” Binance’s CEO also stated that the company has the option to withdraw from the deal at any time.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Paytm Shares Fall over 3% Intraday; Emkay Retains “Reduce’...

SUMMARY The decline in the stock's price comes after...

IPO-Bound Swiggy Strengthens Instamart’s Leadership Team With Four Key...

SUMMARY The Bengaluru-based startup said that these new appointments...

India’s Beatoven.ai Shows the World How AI Music Generation...

AI music generation is a tricky business. Amidst...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!