Crypto Exchange Binance, will purchase FTX

Crypto Exchange Binance , will purchase FTX

The biggest cryptocurrency exchange by trading volume, Binance, said that it would acquire FTX as its smaller rival struggled under the shadow of financial rumors

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A non-binding letter of intent has been signed by the two biggest cryptocurrency exchanges.

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The acquisition's cost is unknown at this time. In comparison to FTX, which has 5 million users and a daily trading volume of $4.24 billion

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Binance currently has 30 million users and a $37 billion daily trading volume. The merger won't have an impact on the separate businesses Binance.US and FTX US.

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On November 8, Binance CEO Changpeng "CZ" Zhao said on Twitter: This afternoon, FTX requested our assistance.

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We signed a non-binding LOI with the intention of fully acquiring http://FTX.com and alleviating the liquidity crisis in order to protect users

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Following yesterday's bankruptcy news, there were significant market sell-offs, with FTT tokens losing more than 30% on a weekly basis

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The bottom line Crypto market participants were worried that the current FTX controversy might cause a crypto crash like to Terra

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With the most recent agreement, Binance has become stronger, but it has also temporarily relaxed the cryptocurrency market.

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