Cryptocurrency exchange, Binance has agreed to fully acquire Sam Bankman-Fried-owned cryptocurrency exchange, FTX, following the latter’s liquidity issues.
Binance’s CEO Changpeng Zhao announced on Tuesday that the top cryptocurrency exchange has signed a non-binding letter of intent with the Bahamian cryptocurrency exchange. Zhao said the goal is to “help cover the liquidity crunch”. He added that the exchange will conduct a full due diligence “in the coming days.”
În această după-amiază, FTX ne-a cerut ajutorul. Există o criză semnificativă de lichiditate. Pentru a proteja utilizatorii, am semnat un LOI neobligatoriu, cu intenția de a achiziționa pe deplin https://t.co/BGtFlCmLXB și ajută la acoperirea crizei de lichiditate. Vom efectua un DD complet în zilele următoare.
- CZ 🔶 Binance (@cz_binance) Noiembrie 8, 2022
Also announcing the deal, Bankman-Fried said the deal is “an agreement on a strategic transaction with Binance for FTX.com.” The billionaire founder’s announcement comes after FTX’s problems with liquidity forced it to pause customer withdrawals sparking industry-wide liquidity concerns.
1) Bună tuturor: am câteva anunțuri de făcut.
Lucrurile s-au încheiat, și https://t.co/DWPOotRHcXPrimii și ultimii investitori ai lui sunt aceiași: am ajuns la un acord cu privire la o tranzacție strategică cu Binance pentru https://t.co/DWPOotRHcX (în așteptarea DD etc.).
- SBF (@SBF_FTX) Noiembrie 8, 2022
Bankman-Fried noted that the need to clear out all of FTX’s “liquidity crunches” and cover all assets 1:1 informed the decision to seek Binance’s help. He added that while this may take a bit of time to settle, “the important thing is that customers are protected.”
The FTX Founder and CEO, however, pointed out that the deal does not cover FTX.US, its American subsidiary. Binance.US, Binance’s subsidiary in the United States, is also not covered in the deal, he noted.
“FTX.us’s withdrawals are and have been live, is fully backed 1:1, and operating normally,” Bankman-Fried said.
The Liquidity Problem
The FTX-Binance deals come a few days after crypto users expressed worries over the liquidity troubles of FTX following problems with withdrawals on the platform.
The concern was further ignited by Zhao’s announcement on Sunday that Binance will be withdrawing the remainder of its $530 million FTX Tokens (FTT) “due to recent revelations that have come to light.”
Ca parte a ieșirii Binance din acțiunile FTX anul trecut, Binance a primit aproximativ 2.1 miliarde USD în numerar (BUSD și FTT). Datorită recentelor dezvăluiri care au ieșit la iveală, am decis să lichidăm orice FTT rămas în registrele noastre. 1/4
- CZ 🔶 Binance (@cz_binance) Noiembrie 6, 2022
In another Twitter post last Sunday, Zhao attributed Binance’s decision to liquidate its FTT holding as a “post-exit risk management” in order to prevent a repeat of the troubles created by the Terra-LUNA collapse.
Lichidarea FTT este doar managementul riscului după ieșire, învățând din LUNA. Am oferit sprijin înainte, dar nu ne vom preface că facem dragoste după divorț. Nu suntem împotriva nimănui. Dar nu vom sprijini oamenii care fac lobby împotriva altor jucători din industrie la spatele lor. Mai departe.
- CZ 🔶 Binance (@cz_binance) Noiembrie 6, 2022
On the withdrawal issue, FTX on Tuesday announced that “queue is decreasing and getting back to more reasonable levels; nodes and banks catching up.”
a: vrem să mulțumim echipei noastre pentru că a lucrat neobosit pentru a procesa retragerile restante. Vezi aici pentru context:
https://t.co/fbg2ifBNzHcoada scade și revine la niveluri mai rezonabile; nodurile și băncile ajungând din urmă
—FTX (@FTX_Official) Noiembrie 8, 2022
On Moday, FTX announced that all of its matching engines were running smoothly although nodes throughput for Bitcoin is limited. The exchange added that it was processing its backlog of stablecoin “creations/redemptions” although this “might be slower” as banks were closed for the weekend.
Cryptocurrency exchange, Binance has agreed to fully acquire Sam Bankman-Fried-owned cryptocurrency exchange, FTX, following the latter’s liquidity issues.
Binance’s CEO Changpeng Zhao announced on Tuesday that the top cryptocurrency exchange has signed a non-binding letter of intent with the Bahamian cryptocurrency exchange. Zhao said the goal is to “help cover the liquidity crunch”. He added that the exchange will conduct a full due diligence “in the coming days.”
În această după-amiază, FTX ne-a cerut ajutorul. Există o criză semnificativă de lichiditate. Pentru a proteja utilizatorii, am semnat un LOI neobligatoriu, cu intenția de a achiziționa pe deplin https://t.co/BGtFlCmLXB și ajută la acoperirea crizei de lichiditate. Vom efectua un DD complet în zilele următoare.
- CZ 🔶 Binance (@cz_binance) Noiembrie 8, 2022
Also announcing the deal, Bankman-Fried said the deal is “an agreement on a strategic transaction with Binance for FTX.com.” The billionaire founder’s announcement comes after FTX’s problems with liquidity forced it to pause customer withdrawals sparking industry-wide liquidity concerns.
1) Bună tuturor: am câteva anunțuri de făcut.
Lucrurile s-au încheiat, și https://t.co/DWPOotRHcXPrimii și ultimii investitori ai lui sunt aceiași: am ajuns la un acord cu privire la o tranzacție strategică cu Binance pentru https://t.co/DWPOotRHcX (în așteptarea DD etc.).
- SBF (@SBF_FTX) Noiembrie 8, 2022
Bankman-Fried noted that the need to clear out all of FTX’s “liquidity crunches” and cover all assets 1:1 informed the decision to seek Binance’s help. He added that while this may take a bit of time to settle, “the important thing is that customers are protected.”
The FTX Founder and CEO, however, pointed out that the deal does not cover FTX.US, its American subsidiary. Binance.US, Binance’s subsidiary in the United States, is also not covered in the deal, he noted.
“FTX.us’s withdrawals are and have been live, is fully backed 1:1, and operating normally,” Bankman-Fried said.
The Liquidity Problem
The FTX-Binance deals come a few days after crypto users expressed worries over the liquidity troubles of FTX following problems with withdrawals on the platform.
The concern was further ignited by Zhao’s announcement on Sunday that Binance will be withdrawing the remainder of its $530 million FTX Tokens (FTT) “due to recent revelations that have come to light.”
Ca parte a ieșirii Binance din acțiunile FTX anul trecut, Binance a primit aproximativ 2.1 miliarde USD în numerar (BUSD și FTT). Datorită recentelor dezvăluiri care au ieșit la iveală, am decis să lichidăm orice FTT rămas în registrele noastre. 1/4
- CZ 🔶 Binance (@cz_binance) Noiembrie 6, 2022
In another Twitter post last Sunday, Zhao attributed Binance’s decision to liquidate its FTT holding as a “post-exit risk management” in order to prevent a repeat of the troubles created by the Terra-LUNA collapse.
Lichidarea FTT este doar managementul riscului după ieșire, învățând din LUNA. Am oferit sprijin înainte, dar nu ne vom preface că facem dragoste după divorț. Nu suntem împotriva nimănui. Dar nu vom sprijini oamenii care fac lobby împotriva altor jucători din industrie la spatele lor. Mai departe.
- CZ 🔶 Binance (@cz_binance) Noiembrie 6, 2022
On the withdrawal issue, FTX on Tuesday announced that “queue is decreasing and getting back to more reasonable levels; nodes and banks catching up.”
a: vrem să mulțumim echipei noastre pentru că a lucrat neobosit pentru a procesa retragerile restante. Vezi aici pentru context:
https://t.co/fbg2ifBNzHcoada scade și revine la niveluri mai rezonabile; nodurile și băncile ajungând din urmă
—FTX (@FTX_Official) Noiembrie 8, 2022
On Moday, FTX announced that all of its matching engines were running smoothly although nodes throughput for Bitcoin is limited. The exchange added that it was processing its backlog of stablecoin “creations/redemptions” although this “might be slower” as banks were closed for the weekend.
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