What Happens with FTX?
One of the largest crypto exchanges globally, FTX, announced that it enters a “transaction” phase with Binance, without any further declaration. Everyone understood that there was an undergoing acquisition from Binance.
FTX’s token, FTT, has started to lose value, making FTX and hedge fund Alameda Research to stay as non-compliant companies. The reason was that a large portion of assets was on that token, as the dramatic fall had affected the overall asset situation and the financial statements.
Binance has made a move and announced that it could pay for the entire debt for FTX and acquire it at a certain price.
With this move, Binance takes out of the game one of the largest competitors in the market and establish a strong position in the crypto space.