The founder of cryptocurrency exchange Binance announced the acquisition of its rival FTX, which has attracted attention from U.S. regulators and a plunge in the cryptocurrency market across the board. To protect users, we signed a non-binding letter of intent to fully acquire FT

2025/08/1423:14:34 hotcomm 1615

The founder of cryptocurrency exchange Binance announced the acquisition of its competitor FTX, which has attracted the attention of US regulators and the cryptocurrency market plummeted across the board.

The founder of cryptocurrency exchange Binance announced the acquisition of its rival FTX, which has attracted attention from U.S. regulators and a plunge in the cryptocurrency market across the board. To protect users, we signed a non-binding letter of intent to fully acquire FT - DayDayNews

Binance founder and CEO Binance (CZ) related tweets

On November 9,Binance founder and CEO Zhao Changpeng (CZ) posted on social platforms, "This afternoon, FTX asked us for help. FTX has a serious liquidity dilemma. To protect users, we signed a non-binding letter of intent to fully acquire FTX (http://FTX.com) and help resolve its liquidity crisis. We will conduct a comprehensive due diligence investigation in the next few days.

On the same day, Sam, founder and CEO of cryptocurrency exchange FTX, founder and CEO of cryptocurrency exchange FTX, on the same day, Sam, founder and CEO of cryptocurrency exchange FTX, on the same day, on the same day, Sam, founder and CEO of cryptocurrency exchange FTX, founder and CEO of Sam, on the same day, the founder and CEO of cryptocurrency exchange FTX, was signed. Bankman-Fried also tweeted, "We have reached an agreement with Binance on a strategic transaction of http://FTX.com (still awaiting due diligence, etc.). "He expressed great gratitude to Zhao Changpeng and Binance, as well as all FTX supporters, and believed that the acquisition was a user-centric progress in which users were protected, benefiting the entire cryptocurrency industry. Sam Bankman-Fried, founder and CEO of

FTX, also mentioned that foreign media reports have been rumored that there is a conflict between Binance and FTX, two large cryptocurrency exchanges. "But Binance has repeatedly shown that they are committed to building a more decentralized global economy, , while working to improve industry relations with regulators. "As soon as the

acquisition news was released, the cryptocurrency market ushered in a volatile situation. As of press time, according to Coinbase, the largest cryptocurrency exchange in the United States, Bitcoin fell 10% in the past 24 hours, Ethereum fell 15%, and FTX's native token FTT fell 72%. After the

acquisition news was released, the cryptocurrency market faced a full-scale plunge. The picture comes from Coinbase

regulation. Foreign media reported that US Commodity Futures Trading Commission (CFTC) is closely monitoring the progress of Binance and FTX. Steven, spokesperson for the US Commodity Futures Trading Commission (CFTC) Adamske said that he is paying attention to this situation, but "no regulatory issues are currently clear."

In this regard, Bankman-Fried emphasized on social platforms that FTX.us and Binance.us, as two independent companies, have not been affected by the acquisition. "The withdrawals on the FTX.us platform have been launched, fully supporting 1:1 withdrawals and are operating normally. "He had previously publicly stated that the CFTC needs to directly supervise and formulate rules for any cryptocurrency classified as digital goods.

This time is not Binance's first acquisition of an industry competitor.

On April 2, 2020, Binance announced the acquisition of the global digital currency market data website CoinMarketCap (CMC). At that time, Binance told The Paper (www.thepaper.cn) that CMC can lead to the market Come with valuable information, and Binance brings liquidity to the market, hoping to bring value to the industry.

Binance has ranked among the three major digital currency exchanges in China with Huobi and OKEX. According to Binance's official website information, Binance is a blockchain digital asset trading platform, providing mainstream virtual digital currency transactions such as BTC, ETH, EOS, and BNB. Due to the promulgation of domestic policies and regulations, Binance announced its withdrawal from the Chinese market in February 2018, and its business has been more overseas since then.

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