Digital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Facebook X (Twitter) Instagram
Trending
  • AMCON Sells 34% Stake In Unity Bank To Providus, Strengthening Merger Deal
  • Nigerian Airports Go Cashless As FAAN Partners Paystack To Launch Contactless Payments
  • ‘AI In Nigeria’ Announces InnovateAI Lagos 2026
  • Borderless TEK Expands Free Training To Empower Adults Transitioning Into Tech
  • Nigeria’s Invoice Gap: Why Late Payments Are Stalling Small Businesses And What Can Be Done About It
  • Kano State Government To Host Cycling Kano Event In December
  • Nigerian-Owned Radease, 4 Other African Startups Named Winners Of Llama Impact Grant
  • Cybercrime Case Against Senator Natasha: Court To First Hear Jurisdiction Objection
Facebook X (Twitter) Instagram
Digital Times NigeriaDigital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Digital Times Nigeria
Home » Crypto Giants, Binance Plans To Acquire Major Rival FTX
FINANCE

Crypto Giants, Binance Plans To Acquire Major Rival FTX

DigitalTimesNGBy DigitalTimesNG8 November 2022No Comments2 Mins Read3 Views
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
BINANCE 2
Share
Facebook Twitter LinkedIn Pinterest Telegram Email WhatsApp

Binance, the world’s largest cryptocurrency exchange, has signed a nonbinding agreement to buy FTX.com, a unit of major rival FTX, to help cover a “liquidity crunch” at the cryptocurrency exchange, Binance CEO Changpeng Zhao said on Tuesday, according to a Reuters report.

FTX has come under pressure after Zhao said on Sunday his firm would liquidate its holdings of FTX’s in-house token, FTT, due to unspecified “recent revelations.”

“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,” said Zhao in a tweet, noting that Binance has the discretion to pull out from the deal at any time.

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 https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

— CZ ???? Binance (@cz_binance) November 8, 2022

In a tweet, Sam Bankman-Fried, FTX founder and CEO, said that teams are working on clearing out the current backlog of withdrawals and that all assets will be covered.

Binance, which dominates the $1 trillion crypto industry, with over 120 million users, is currently under investigation by the U.S. Justice Department into possible violations of money-laundering rules by Binance, as reported by Reuters reported last week.

READ ALSO  Luno Hits 8m Milestone, Records 1.2m New Customers Every Quarter
#Binance #Cryptocurrency #FTX
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleDon’t Install Apps From ‘Mobile Apps Group’- NCC Warns General Public
Next Article AfriTECH 2.0 Holds Today!
DigitalTimesNG
  • X (Twitter)

Related Posts

First Securities Limited Secures Remarkable Position In NGX Performance Report

11 August 2025

Ember Month Financial Impact Hangout Holds In Ikeja On October 13

11 October 2024

Financial Inclusion Is Crucial For Poverty Reduction, Economic Prosperity- 9PSB CEO

28 May 2024

Halilu Tasks NASENI Finance Managers On Effective Resource Management

15 May 2024

Meet Richard Teng, Binance’s New CEO

22 November 2023

Breaking! MonieWorx Encore Campaign Raises ₦260 Million In 7 Days

31 August 2023

Comments are closed.

Categories
About
About

Digital Times Nigeria (www.digitaltimesng.com) is an online technology publication of Digital Times Media Services.

Facebook X (Twitter) Instagram
Latest Posts

AMCON Sells 34% Stake In Unity Bank To Providus, Strengthening Merger Deal

26 September 2025

Nigerian Airports Go Cashless As FAAN Partners Paystack To Launch Contactless Payments

26 September 2025

‘AI In Nigeria’ Announces InnovateAI Lagos 2026

25 September 2025
Popular Posts

Building Explainable AI (XAI) Dashboards For Non-Technical Stakeholders

2 May 2022

Building Ethical AI Starts With People: How Gabriel Ayodele Is Engineering Trust Through Mentorship

8 January 2024

Gabriel Tosin Ayodele: Leading AI-Powered Innovation In Web3

8 November 2022
© 2025 Digital Times NG.
  • Advert Rate
  • Terms of Use
  • Advertisement
  • Private Policy
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.