The World’s Largest Cryptocurrency Exchange Binance and FTX, the third largest exchange in terms of trading volume, has been circulating in recent days showing a conflict. In addition, there was a serious drop in FTX’s token FTT. It was reported that the reason for this was that Binance sold a large amount of FTT.

Now there has been a development that is turning the cryptocurrency world upside down, and it turns out that Binance is planning to buy FTX. CEO of Binance, aka CZ Changpeng Zhaoannounced these intentions in a post on his Twitter account.

Binance Wants To Buy FTX To Protect Users And Solve Liquidity Problems

In a statement on Twitter, Zhao stated that FTX has asked Binance for help today, stating that they intend to buy the giant exchange: “FTX called in our help this afternoon. There is a serious liquidity problem. To protect users Pursuing a full acquisition of FTX and solving the liquidity problem We have signed a non-binding letter of intent.”

In addition, a statement came from Sam Bankman-Fried, the owner of FTX. The famous CEO described this situation as “strategic” and stated that they had reached an agreement with Binance. Draw attention to the importance of protecting customers, Bankman-Fried; CZ thanked Binance and all their supporters and encouraged its development. ‘a user-oriented development that benefits the entire industry’defined as ‘.

What happened?

We mentioned that there has been a dispute between Binance FTX for the past few days. Let’s delve into the details of this situation that is preoccupying the cryptocurrency world. Binance CEO Changpeng Zhao recently announced that the FTX tokens (FTT) held by the exchange will sell announced. The giant exchange’s statement that it will liquidate all positions in FTX’s native token also caused a massive drop in the FTT and shook the market. The popular cryptocurrency, which is around $25, is currently 6 dollars traded around.

This decision regarding Binance’s FTT was made based on recent information. These are the founders of FTX CEO Sam Bankman-Fried. Alameda Research’s billions of dollars in assets connected to FTT were the allegations. This situation, which emerged in the documents examined, showed that Alameda has a strong foundation based on FTX. Alameda CEO, on the other hand, stated that the resulting balance sheet is a subset of the company’s assets, with $10 billion in assets not reflected there. Bankman-Fried also stated that there were unfounded rumors circulating.

When announcing that he had the equivalent of $2.1 billion in BUSD and FTT last year, Binance’s CEO also said: “After these allegations,We will not support lobbyists from other industry players and announced that they will be selling FTT. Zhao also described the transfer of $584 million in FTT from an unknown wallet to Binance as part of their move. Also, a report shared today by The Block states that the FTX exchange Stop cryptocurrency withdrawals reported.

Today’s acquisition announcement also came after Bankman-Fried announced that FTX and assets were good and described liquidity problems as “false rumours.” FTX’s CEO said in his statements today after the takeover’s rise that he was aware there were allegations of conflict between the two exchanges, said they were in “the best hands” and tried to defuse rumors of tension between the companies. suppress .

We will see in the coming days whether the agreement between Binance and FTX, which could be a turning point in the cryptocurrency world, will progress.