{"id":69752,"date":"2022-11-08T19:28:45","date_gmt":"2022-11-08T17:28:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69752"},"modified":"2025-09-07T21:54:31","modified_gmt":"2025-09-07T18:54:31","slug":"binance-chief-changpeng-zhao-announces-purchase-of-ftx","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-chief-changpeng-zhao-announces-purchase-of-ftx\/","title":{"rendered":"Binance chief Changpeng Zhao announces purchase of FTX"},"content":{"rendered":"<p>Sam Bankman-Fried and Changpeng Zhao announced a strategic partnership. It is intended to resolve the liquidity crisis and envisages a possible acquisition of the FTX exchange by Binance.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire <a href=\"https:\/\/t.co\/BGtFlCmLXB\">https:\/\/t.co\/BGtFlCmLXB<\/a> and help cover the liquidity crunch. We will be conducting a full DD in the coming days.<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1590013613586411520?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com. In the coming days we will conduct a full <a href=\"https:\/\/www.investopedia.com\/terms\/d\/duediligence.asp\">due diligence<\/a>&#8220;, \u2014 Zhao wrote.<\/p>\n<\/blockquote>\n<p>He described the current situation around the exchange as &#8220;very dynamic&#8221;, with the assessment &#8220;taking place in real time&#8221;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Binance reserves the right to walk away from the deal at any time. We expect FTT to be very volatile in the coming days,&#8221; Zhao added.<\/p>\n<\/blockquote>\n<p>FTX chief Sam Bankman-Fried confirmed the information about the strategic agreement aimed at addressing a number of problems.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Our teams are working to clear the backlog of withdrawal requests. This will resolve the liquidity crisis; all assets will be fully backed 1:1. This is one of the main reasons we turned to Binance. It may take some time. We apologise for this,&#8221; Bankman-Fried wrote.<\/p>\n<\/blockquote>\n<p>He added that he was aware of rumors of a conflict between the exchanges.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">5) I know that there have been rumors in media of conflict between our two exchanges, however Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands.<\/p>\n<p>\u2014 SBF (@SBF_FTX) <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1590012131491336192?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I know that there have been rumors in the media of a conflict between our two exchanges. However, Binance has repeatedly demonstrated its commitment to a more decentralized global economy, while working to improve relations with regulators. We are in safe hands,&#8221; said the head of FTX.<\/p>\n<\/blockquote>\n<p>In conclusion to the thread, Bankman-Fried stressed that FTX US and Binance.US are separate companies not affected by the aforementioned agreement.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">6) (Note that <a href=\"https:\/\/t.co\/fCrWGQ4y7w\">https:\/\/t.co\/fCrWGQ4y7w<\/a> and <a href=\"https:\/\/t.co\/Ju8CkfrLYH\">https:\/\/t.co\/Ju8CkfrLYH<\/a>\u2013two separate companies\u2013are not currently impacted by this. <a href=\"https:\/\/t.co\/fCrWGQ4y7w\">https:\/\/t.co\/fCrWGQ4y7w<\/a>\u2019s withdrawals are and have been live, is fully backed 1:1, and operating normally.)<\/p>\n<p>\u2014 SBF (@SBF_FTX) <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1590012133307478016?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The market reacted to the news with a sharp rally. Bitcoin rose by about $1,000 in an hour, back above $20,000.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"623\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/btc-65-1024x623.png\" alt=\"\u0413\u043b\u0430\u0432\u0430 Binance \u0427\u0430\u043d\u043f\u044d\u043d \u0427\u0436\u0430\u043e \u0430\u043d\u043e\u043d\u0441\u0438\u0440\u043e\u0432\u0430\u043b \u043f\u043e\u043a\u0443\u043f\u043a\u0443 FTX\" class=\"wp-image-190239\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/btc-65-1024x623.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-65-300x183.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-65-768x468.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-65.png 1393w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Hourly BTC\/USDT chart on the Binance exchange. Data: TradingView.<\/figcaption><\/figure>\n<p><script async=\"\" src=\"https:\/\/telegram.org\/js\/telegram-widget.js?21\" data-telegram-post=\"forklog\/28387\" data-width=\"100%\"><\/script><\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">8 November 2022 | 20:21<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>Bitcoin price fell below $19,000.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"739\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/btc2-3-1024x739.png\" alt=\"\u0413\u043b\u0430\u0432\u0430 Binance \u0427\u0430\u043d\u043f\u044d\u043d \u0427\u0436\u0430\u043e \u0430\u043d\u043e\u043d\u0441\u0438\u0440\u043e\u0432\u0430\u043b \u043f\u043e\u043a\u0443\u043f\u043a\u0443 FTX\" class=\"wp-image-190245\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/btc2-3-1024x739.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/btc2-3-300x217.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/btc2-3-768x555.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/btc2-3.png 1148w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>15-minute BTC\/USDT chart for Binance. Data: TradingView.<\/figcaption><\/figure>\n<p><script async=\"\" src=\"https:\/\/telegram.org\/js\/telegram-widget.js?21\" data-telegram-post=\"forklog\/28390\" data-width=\"100%\"><\/script><\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">8 November 2022 | 21:39<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><br \/>\n<script async=\"\" src=\"https:\/\/telegram.org\/js\/telegram-widget.js?21\" data-telegram-post=\"forklog\/28392\" data-width=\"100%\"><\/script>\n<\/div>\n<\/div>\n<p>Ahead of the publication of Zhao\u2019s and Bankman-Fried\u2019s tweets, memes circulated online, ironising the current situation.<\/p>\n<p><script async=\"\" src=\"https:\/\/telegram.org\/js\/telegram-widget.js?21\" data-telegram-post=\"forklog\/28386\" data-width=\"100%\"><\/script><\/p>\n<p>Earlier the utility token FTT <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-token-falls-nearly-30\">fell about 30%<\/a> \u2014 from above $22 to below $16.<\/p>\n<p>The plunge occurred amid rumors of a showdown between the two exchanges and concerns about FTX\u2019s financial stability. At the same time Bitcoin <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-sinks-below-20000\">fell below the $20 000<\/a>, dragging the rest of the market.<\/p>\n<p>On November 6, Binance CEO Changpeng Zhao <a href=\"https:\/\/u1f987.com\/en\/news\/alameda-research-says-it-would-buy-ftt-from-binance-at-22-per-token\">stated<\/a> that the company aimed to shed FTT. Assets along with BUSD totaling about $2.1 billion became the result of the company exiting its portfolio investment in FTX.<\/p>\n<p>He emphasised that the decision is not aimed at the competitor, as Binance regards maintaining the stability of the developing industry as important.<\/p>\n<p>Read ForkLog\u2019s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sam Bankman-Fried and Changpeng Zhao announced a strategic partnership. It envisages a possible acquisition of FTX.<\/p>\n","protected":false},"author":1,"featured_media":69753,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935,1236,1403],"class_list":["post-69752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao","tag-ftx","tag-sam-bankman-fried"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69752"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69752\/revisions"}],"predecessor-version":[{"id":69754,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69752\/revisions\/69754"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69753"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}