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In a surprising twist of events, Binance will acquire the FTX cryptocurrency exchange.
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A day after Sam Bankman-Fried, CEO of FTX, stated that his company was fine and would continue to remain so,
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FTX & Binance reached a deal to allow Changpeng Zhao's company to buy FTX.
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The development was tweeted by the Binance chief and SBF, referring to a liquidity crunch that has seen FTX come full circle in its role as a crypto exchange.
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Binance CEO: "FTX has asked us for our assistance. There is a severe liquidity crunch. We signed a non-binding LOUI to protect users.
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This LOI aims to acquire FTX.com completely to help with the liquidity crunch. In the next few days, we will conduct a complete DD."
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