Both Changpeng Zhao and Sam Bankman-Fried announced the deal.
The deal comes on the heel of FTX's struggle with its liquidity and withdrawal backlog.
Changpeng Zhao (Source: PC Tech Mag)
The cryptocurrency exchange, Binance has agreed to fully acquire the Sam Bankman-Fried-owned cryptocurrency exchange, FTX, following liquidity issues.
Binance’s CEO, Changpeng Zhao announced on Tuesday that the top cryptocurrency exchange has signed a non-binding letter of intent with the Bahamian cryptocurrency exchange. Zhao said the goal is to “help cover the liquidity crunch.” He added that the exchange will conduct full due diligence “in the coming days.”
Also announcing the deal, Bankman-Fried said the deal is “an agreement on a strategic transaction with Binance for FTX.com.” The billionaire founder's announcement comes after FTX’s problems with liquidity forced it to pause customer withdrawals sparking industry-wide liquidity concerns.
Bankman-Fried noted that the need to clear out all of FTX’s “liquidity crunches” and cover all assets 1:1 informed the decision to seek Binance’s help. He added that while this may take a bit of time to settle, “the important thing is that customers are protected.” However, the FTX Founder and CEO pointed out that the deal does not cover FTX.US, its American subsidiary. Binance.US, Binance’s subsidiary in the United States, is also not covered in the deal, he noted.
“FTX.us’s withdrawals are and have been live, is fully backed 1:1, and operating normally,” Bankman-Fried said.
Meanwhile, the deal is a reversal of roles for Bankman-Fried whose FTX has been rescuing embattled firms in the crypto industry following the heat of the recent market turmoil.
The Liquidity Problem
The FTX-Binance deal comes a few days after crypto users expressed worries over the liquidity troubles of FTX following problems with withdrawals on the platform. Moreover, the concern was ignited by Zhao’s announcement on Sunday that Binance will be withdrawing the remainder of its $530 million FTX Tokens (FTT) "due to recent revelations that have come to light."
In another Twitter post last Sunday, Zhao attributed Binance's decision to liquidate its FTT holding as a "post-exit risk management" in order to prevent a repeat of the troubles created by the Terra-LUNA collapse.
False Rumours?
In what appears to be a response to Zhao's tweets, on Monday, Bankman-Fried took a swipe at a "competitor" that is "trying to go after us with false rumors." Bankman-Fried defended his crypto exchange, noting that it had "enough to cover all client holdings."
"We don't invest client assets (even in treasures). We have been processing all withdrawals, and will continue to be [sic]," he tweeted.
Update on Withdrawals
On the withdrawal issue, FTX announced on Tuesday that "queue is decreasing and getting back to more reasonable levels; nodes and banks catching up."
On Monday, FTX announced that all of its matching engines were running smoothly although nodes throughput for Bitcoin is limited. The exchange added that it was processing its backlog of stablecoin "creations/redemptions" although this "might be slower” as banks were closed for the weekend.
Market Impact
Meanwhile, the impact of the recent development on FTX remains palpable as the price of the FTT token has collapsed by -67.84% in the last 24 hours, according to data from CoinMarketCap.
Source: CoinMarketCap
Other cryptocurrencies too are affected with Bitcoin down by -9.81%, Ether by -14.70%, SOL by -23.68%, LUNC by -29.95%, BNB by -11.58% and DOGE by -28.96, all in the last 24 hours.
Source: CoinMarketCap
Furthermore, Finance Magnates' check shows that the price of the token as of Tuesday evening was fluctuating between four and five dollars-plus. FTX's Bitcoin balance plunged as a result of the news.
The cryptocurrency exchange, Binance has agreed to fully acquire the Sam Bankman-Fried-owned cryptocurrency exchange, FTX, following liquidity issues.
Binance’s CEO, Changpeng Zhao announced on Tuesday that the top cryptocurrency exchange has signed a non-binding letter of intent with the Bahamian cryptocurrency exchange. Zhao said the goal is to “help cover the liquidity crunch.” He added that the exchange will conduct full due diligence “in the coming days.”
Also announcing the deal, Bankman-Fried said the deal is “an agreement on a strategic transaction with Binance for FTX.com.” The billionaire founder's announcement comes after FTX’s problems with liquidity forced it to pause customer withdrawals sparking industry-wide liquidity concerns.
Bankman-Fried noted that the need to clear out all of FTX’s “liquidity crunches” and cover all assets 1:1 informed the decision to seek Binance’s help. He added that while this may take a bit of time to settle, “the important thing is that customers are protected.” However, the FTX Founder and CEO pointed out that the deal does not cover FTX.US, its American subsidiary. Binance.US, Binance’s subsidiary in the United States, is also not covered in the deal, he noted.
“FTX.us’s withdrawals are and have been live, is fully backed 1:1, and operating normally,” Bankman-Fried said.
Meanwhile, the deal is a reversal of roles for Bankman-Fried whose FTX has been rescuing embattled firms in the crypto industry following the heat of the recent market turmoil.
The Liquidity Problem
The FTX-Binance deal comes a few days after crypto users expressed worries over the liquidity troubles of FTX following problems with withdrawals on the platform. Moreover, the concern was ignited by Zhao’s announcement on Sunday that Binance will be withdrawing the remainder of its $530 million FTX Tokens (FTT) "due to recent revelations that have come to light."
In another Twitter post last Sunday, Zhao attributed Binance's decision to liquidate its FTT holding as a "post-exit risk management" in order to prevent a repeat of the troubles created by the Terra-LUNA collapse.
False Rumours?
In what appears to be a response to Zhao's tweets, on Monday, Bankman-Fried took a swipe at a "competitor" that is "trying to go after us with false rumors." Bankman-Fried defended his crypto exchange, noting that it had "enough to cover all client holdings."
"We don't invest client assets (even in treasures). We have been processing all withdrawals, and will continue to be [sic]," he tweeted.
Update on Withdrawals
On the withdrawal issue, FTX announced on Tuesday that "queue is decreasing and getting back to more reasonable levels; nodes and banks catching up."
On Monday, FTX announced that all of its matching engines were running smoothly although nodes throughput for Bitcoin is limited. The exchange added that it was processing its backlog of stablecoin "creations/redemptions" although this "might be slower” as banks were closed for the weekend.
Market Impact
Meanwhile, the impact of the recent development on FTX remains palpable as the price of the FTT token has collapsed by -67.84% in the last 24 hours, according to data from CoinMarketCap.
Source: CoinMarketCap
Other cryptocurrencies too are affected with Bitcoin down by -9.81%, Ether by -14.70%, SOL by -23.68%, LUNC by -29.95%, BNB by -11.58% and DOGE by -28.96, all in the last 24 hours.
Source: CoinMarketCap
Furthermore, Finance Magnates' check shows that the price of the token as of Tuesday evening was fluctuating between four and five dollars-plus. FTX's Bitcoin balance plunged as a result of the news.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
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We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
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In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
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- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
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Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
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Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
