How Binance Exchange Will Make a Move for FTX


The world’s largest cryptocurrency exchange buys FTX through the exchange. Binance CEO CZ announced on Twitter that they have reached an agreement on the acquisition. Binance acquires FTX

The controversy between the exchanges ended with Binance’s decision to buy FTX. According to Binance CEO CZ, the acquisition will reduce FTX’s “liquidity noise”. FTX CEO Sam Bankman-Fried also said on Twitter that the deal would be good for the environment.

The terms of the deal have not been made public. Binance said that after the purchase, FTX will have “always” to withdraw from the contract. Meanwhile, CZ said it needs some time before closing the deal. According to Bankman-Fried, the agreement will benefit all companies. In addition, he praised Zhao for “creating a free economic world” and “doing an amazing job building the global crypto ecosystem.”

Binance buys FTX

The announcement of a temporary agreement between the two major exchanges comes just one day after the SBF said on Twitter that FTX was holding “good” and dismissed the news of financial problems as “false rumours”. The FTX CEO also urged CZ to ensure that the changes work together “for the environment”. However, some of the Binance CEO’s responses on social media suggest that he did not support the deal. CZ responded to Alameda Research’s offer to buy all of the FTT they would sell at $22, saying they would “stay in the open market.” Investors in FTT have deep energy

After the news, the price of Bitcoin, BNB and FTT increased significantly. Bitcoin rose above $1,000, topping $20,000,600, while BNB gained 24% and FTT around 30%. Especially when FTT returned to $15 a day, he found an opportunity to recover up to $18.

If the agreement between FTX and Binance comes to fruition, it could represent a major change in the crypto market. It was reported that FTX raised $1 billion to explore other acquisitions, aiming to acquire Bitvo as part of its entry into the Canadian market, a company that recruits employees associated with cryptocurrencies.

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