Binance to acquire rival cryptocurrency platform, FTX

The world’s largest cryptocurrency company, Binance has reached a deal to acquire its rival FTX.COM for an undisclosed sum.

The deal was confirmed by FXT founder and CEO Sam Bankman Fried on Tuesday confirming several a deal that had been rumoured to be in the world amongst crypto enthusiasts.

In his tweet he mentioned that things had come full circle, and FTX have come to an agreement on a strategic transaction with Binance for to acquire his company.

The transaction excludes FTX.US, a distinct company focused on the United States. One of the first investors in FTX was Binance.

It’s unclear whether the proposed merger will be allowed or how the combined business will be organized.

This comes as a great shock considering that FTX and Bankman-Fried have spent a significant portion of this year purchasing the distressed assets of crypto enterprises that have been decimated by falling cryptocurrency values in recent months.

The larger cryptocurrency market is currently booming as well amid indications that FTX won’t implode due to alleged liquidity problems.

Several cryptocurrency experts on twitter opine, FTX.COM was facing liquidity challenges which may have precipitated in this sale.