FTX’s Bankman-Fried accepts Binance’s acquisition deal after Elon Musk’s rejection

Zhao Changpeng, the founder of the world’s largest cryptocurrency company, Binance, has agreed to acquire another cryptoexchange, FTX.

The deal between Binance and FTX was disclosed by the latter’s founder and Chief Executive Officer, Sam Bankman-Fried, on Tuesday via Twitter.

“Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc.).”

Acquisition of FTX by Binance is subject to regulatory approval, and it will increase the size of Binance, which is already the largest cryptocurrency exchange in the world.

Read also:Nigerian govt, Binance hold talks on proposed digital city

This comes months after Ripples Nigeria reported that Bankman-Fried reached out to the world’s richest man, Elon Musk, to jointly acquire Twitter.

Bankman-Fried had offered to contribute $15 billion to the $44 billion Musk parted with to acquire the social media company.

Musk’s ex-girlfriend, Grimes, had also spoken in support of Bankman-Fried, urging the Tesla Chief Executive Officer to accept the FXT boss’ investment partnership.

However, Musk rejected the offer, but eventually accepted the $500 million investment offer from Changpeng on behalf of Binance.

Addressing the plan to acquire FTX, Changpeng wrote on Twitter, “This afternoon, FTX asked for our help. There is a significant liquidity crunch.

“To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.”

Binance founder also stated, “There is a lot to cover and will take some time. This is a highly dynamic situation, and we are assessing the situation in real time.

“Binance has the discretion to pull out from the deal at any time. We expect FTT to be highly volatile in the coming days as things develop.”

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