Breaking: Binance Looks To Acquire FTX Amid Liquidity Crunch 

Binance signs a letter of intent to acquire FTX as chaos ensues

Crypto exchange giant Binance has signed a letter of intent to acquire FTX.

[{"selector":"#anim-75b75f34-6bd3-4111-ba6f-9a5993df3c0b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-de09c867-d950-4520-9496-151ff66ff308","keyframes":{"transform":["translate3d(-94.06393%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-596a25aa-8648-467d-85f8-44480554da87","keyframes":{"transform":["translate3d(114.87342%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7e747e38-6de7-41dd-ba66-6ae4910a564f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ad907e3e-c03a-4bb5-b7f4-51443edddf1c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

In a shocking turn of events, Binance CEO said they made the decision after FTX reached out to the firm for help.

[{"selector":"#anim-6b83908a-a893-46a6-9ff6-840e0f32f53e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-39966b6b-d727-465f-9345-d35fe301f7d5","keyframes":{"transform":["translate3d(-97.03196%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3bc2932a-2aec-4359-aa42-22eac8b6227d","keyframes":{"transform":["translate3d(121.03448%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ce4e401c-9348-41bb-959b-abbb332016d7","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8fc7cd97-1eb8-4c93-9229-70bd6275fe8c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

“To protect users, we signed a non-binding LOI, intending to fully acquire FTX and help cover the liquidity crunch,” CZ tweeted.

[{"selector":"#anim-941dfb56-047f-42ab-8b62-cd3fb4357fc5","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-70e7c5c9-483f-4836-9710-70e2344a0c71","keyframes":{"transform":["translate3d(-94.02655%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c851fc35-05e0-48c8-84ec-867e9b509045","keyframes":{"transform":["translate3d(126.25898%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-437674c8-94ca-4a9e-a123-06baa77c3e6e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ecf58ebd-67fa-4583-b37b-bbfbb132e3d0","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Binance CEO added that they will be conducting a full DD in the coming days.

[{"selector":"#anim-9164de4b-aa2e-4a18-817c-42f35af6ff83","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-908921ef-fc8f-4cd0-9806-cf25d29f6afb","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a2d626d6-379d-48e3-8343-b0ee36ce187d","keyframes":{"transform":["translate3d(116.54930%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7851ace1-84ec-425f-a75f-bcb44d8c3e06","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d5d48135-87f0-4392-a7e6-34922e6f780e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

FTX chief SBF thanked CZ, Binance, and their supporters.

[{"selector":"#anim-2915a534-5315-420c-ad9d-e7941de98960","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ae863c98-d950-42c8-a77e-7c7679bc10fc","keyframes":{"transform":["translate3d(-97.03196%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c7f68dd1-f971-420b-86b2-8c5221cd4982","keyframes":{"transform":["translate3d(116.38226%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fc495628-f30c-43f0-b580-5dc7f2a88e0d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-94e8b91d-4fa2-4277-8bde-f03a8934c144","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

“CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem,” SBF added.

[{"selector":"#anim-99d95d90-9a1e-48ae-8a86-ff3c62ce4ae9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3357071b-c502-4c27-b68e-27f932794ba0","keyframes":{"transform":["translate3d(-97.03196%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c9dca3c7-400d-4fff-89ec-1a7f703bf6c3","keyframes":{"transform":["translate3d(114.87342%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e492862b-901b-4072-90c6-278e691792c6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-05dc9c13-0cdc-401b-a17a-28d3df12fcbe","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Earlier, Binance had announced to liquidate $500 million worth of FTT, which caused the price of FTT to tumble over 30%.

[{"selector":"#anim-60dda587-e8d7-4a64-a2c0-9178c288f66c","keyframes":{"transform":["translate3d(111.80327%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-874c0e9e-0ab3-4fb8-a703-4892fe711376","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ea236f70-3771-4ac1-949b-3d161da37af0","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-d9687b76-d83c-49bb-8257-e168b6b128b0","keyframes":{"transform":["translate3d(-698.07691%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-5de576d5-dcdc-459e-985d-67613ea4ac34","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] [{"selector":"#anim-7edbf5c8-5c01-4159-a3f3-f21a516ae9b3","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8f82fcfc-1723-4421-b868-797821d4ff0c","keyframes":{"transform":["translate3d(-92.77899%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] More Crypto Stories...