Breaking! Binance to finally acquire FTX to solve liquidity crisis
ONE long public war of words between two cryptocurrency exchange giants may be coming to an end as Binance is now set to acquire its rival FTX.
The cryptocurrency sector has witnessed a deep impact from the current turmoil caused by the leaked balance sheet of Sam Bankman-Fried (SBF)-owned trading platform Alameda Research.
The balance claimed that all assets of the trading firm owned by FTX are locked up with FTT tokens worth around $3.2 billion, which could result in another crypto market crash after the historic impact of Terra’s LUNA crash in May.
End Of War After Binance’s Acquisition by FTX!
Following the latest news from Binance CEO changpeng zhao 
changpeng zhao founder and CEO at Binance Changpeng Zhao is the founder and CEO of Binance. His contribution to the improvement of Binance made the platform the world’s largest cryptocurrency exchange since its inception in 2017. Zhao launched the Binance Smart Chain blockchain network which has made a remarkable contribution to the development of the decentralized financial ecosystem. While in 2019, he launched Binance’s American subsidiary, Binance.US. He is commonly known as CZ, a Chinese-Canadian business executive who has been ranked as the 113th richest in the world as of 2022. Previously, he founded Fusion Systems, a trading system for brokers known for some of the fastest high-frequency trading systems for brokers. Zhao has served as a member of the team that developed Blockchain.info and played the role of Chief Technology Officer for OKCoin, a secure cryptocurrency exchange platform for Bitcoin, Ethereum, Dogecoin and other crypto assets. ContractorInvestorCEO 
Followers: 0 Show profile Sam Bankman-Fried reached out to Binance for help in recovering from the current situation as the founder looks for more ways to save FTX from a dance of death.
Recently, Bankman-Fried tweeted: “We have agreed on a strategic transaction with Binance for FTX.com. Our teams are working to clear the withdrawal backlog as it is. This will remove liquidity crises; all assets are covered 1:1. This is a of the main reasons we asked Binance to come in.”
After this, binance 
binance [email protected] Centralized exchange 
Followers: 0 Show profile responded positively as CZ issued his statement regarding the acquisition of ftx exchange 
ftx exchange Centralized exchange 
Followers: 0 Show profile .
According to him, Binance is ready to help FTX over its “significant liquidity crisis” and signed a non-binding letter of intent to acquire FTX, which came as a surprise twist amid the current drama with the FTT token.
CZ said: “To protect users, we signed a non-binding LOI, intending to fully acquire FTX and help cover the liquidity crisis. We will conduct a full DD in the coming days.”
However, the total value of the agreement has not yet been disclosed. FTX can finally be in safe hands when SBF breathes a sigh of relief by saying:
“I know there have been rumors in the media about conflict between our two exchanges, but Binance has shown time and time again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands .”
FTX is finally in safe hands
FTX founder Sam Bankman-Fried said: “A big thank you to CZ, Binance and all our backers. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem and create a freer economic world.”
The purchase of FTX by Binance is a big surprise to the crypto industry amid CZ’s continuous dumping of FTT tokens. Following the acquisition, the FTT token is up nearly 40% in the last 30 minutes, a significant turnaround after a deadly rally over the previous three days.
The acquisition is expected to take FTX out of the mud in the current bearish rally; however, the crypto exchange giant will remain independent of Binance.
