FTX Agrees to Sell Itself to Binance
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An editor at Coincrop
09 Nov 2022 | 2 min read
he two crypto exchange giants signed a non-binding letter of intent, Binance CEO Changpeng "CZ" Zhao confirmed on Twitter.
Days after a CoinDesk article on Nov. 2 speculated that FTX and Alameda Research were facing a liquidity crisis, Binance agreed to buy rival cryptocurrency exchange FTX in a stunning turn of events.
The agreement, which was made public through tweets like many other things during a week of intense events, brings together two giants of crypto trading. This year, FTX was valued at $32 billion early on, and Binance is the largest cryptocurrency exchange by volume.
The financial terms of the trade have not been made public, though it is known that FTX's U.S. a standalone company referred to as FTX US, is not part of this agreement.
Following the announcement, FTX's FTT token initially rallied but that did not last long. The value of the token fell significantly after beginning the day just shy of $20, to around $5.
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