Binance to acquire FTX
Binance plans to acquire FTX, in a move that follows a public spat between the two largest crypto exchanges.
The deal between Changpeng Zhao and Sam Bankman-Fried resolved a months-long social media clash.
Binance will be purchasing FTX in an attempt to help with their liquidity crunch.
FTX, a younger firm, grew in popularity and the relationship between it and Binance started to wither.
The two billionaires have been snarking at each other for months, but their relationship hit an all-time low this week when one of them revealed they were selling their FTT holdings.
Bankman-Fried founded a firm that has exposure to the FTT tokens, which have slid in value.
The CEO of Binance praises the work of their competitor, CZ, in building out the global crypto ecosystem.
Bankman-Fried said FTX is working on clearing the withdrawal backlog and that all assets will be covered 1:1.
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