The crypto exchange wars were short-lived; Binance and its CEO Changpeng “CZ” Zhao emerged victorious after a couple of days of uncertainty, carnage, and unexpected announcements. Via his Twitter account, CZ announced that it entered a deal to acquire its competitor FTX.
As mentioned, the two platforms engaged in a battle for dominance after CZ accused FTX and its founder, Sam Bankman-Fried, of lobbying against “other industry players behind their backs.” The Bankman-Fried platform faced a bank run and succumbed to pressure amid a lack of liquidity.
In this context, the executive reached out to Binance and CZ to protect its users by surrendering FTX to Binance for an undisclosed amount. The partners are still working out the details; CZ claims that Binance can exit the deal at “any moment.”
The Binance said that the company entered a non-binding letter of intent (LOI). The parties will…
