Binance to buy FTX in major cryptocurrency exchange merger
by Alex Hern from Technology | The Guardian on (#65KR1)
Public squabble between the two largest offshore exchanges' bosses led to run on FTX and forced sale
The two largest offshore cryptocurrency exchanges are merging, after a week of public squabbling between Binance's chief executive, Changpeng Zhao, and FTX's boss, Sam Bankman-Fried, triggered a bank run at the latter's exchange and an embarrassing forced sale on Tuesday.
This afternoon, FTX asked for our help," tweeted Zhao. There is a significant liquidity crunch. To protect users, we signed a non-binding [letter of intent], intending to fully acquire FTX.com."
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