Binance to acquire FTX as their token collapses

The CEO of Binance — Changpeng Zhao has made an announcement that Binance is currently looking to fully acquire FTX.com and will proceed with due diligence soon. The deal only applies between FTX and Binance, their U.S. branches will remain un-affected and are not part of this merger-acquisition.

Why did FTX Crash?

This represents one of the many cryptocurrency bailouts that occurred since the beginning of this bear market, and news of FTX’s less than solid financial situation has sent their token (FTT) spiralling down over 85% as the public is essentially dumping liquidity in an attempt to escape, what could potentially be a sinking ship.

According to several sources, FTX have stopped processing withdrawals, which has been the go-to way of delaying the inevitable during this bear market.