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Binance CEO Changpeng Zhao introduced that the crypto trade 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 drag out from the deal at any time. We count on FTT to be extremely risky 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, based on Coingecko.
Zhao stated that the Binance workforce 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 gave the impression to be behind studies that the trade 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 property might be lined 1:1,” Bankman-Fried wrote. “This is among the most important causes we’ve requested Binance to return in. It could take a bit to settle and so on. — we apologize for that.”
This story is creating and might be up to date.
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