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Binance CEO Changpeng Zhao introduced that the crypto alternate has tentatively agreed to amass competitor Sam Bankman-Fried’s FTX for an undisclosed quantity.
“There’s a lot to cowl and can take a while. It is a extremely dynamic scenario, and we’re assessing the scenario in actual time,” Zhao wrote on Twitter Tuesday morning. “Binance has the discretion to tug out from the deal at any time. We count on FTT to be extremely unstable within the coming days as issues develop.”
The FTT token, which had slumped as little as $14.57 on Tuesday morning on rumors that FTX had suspended withdrawals, rebounded to $19.86 on the information, in accordance with Coingecko.
Zhao mentioned that the Binance staff can be conducting due diligence on the deal.
In the meantime, Bankman-Fried confirmed the settlement in his personal thread on Twitter, saying that the 2 exchanges had agreed to a “strategic transaction.” He additionally addressed a withdrawal backlog, which seemed to be behind experiences that the alternate had suspended withdrawals on Tuesday morning.
“Our groups are engaged on clearing out the withdrawal backlog as is. This can filter out liquidity crunches; all belongings shall be coated 1:1,” Bankman-Fried wrote. “This is likely one of the important causes we’ve requested Binance to come back in. It might take a bit to settle and so forth. — we apologize for that.”
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