Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, announced on Tuesday that he had signed a letter of intent to acquire rival FTX. Before news of the acquisition was announced, relations between the two exchanges were tense, with Changpeng Zhao saying that Binance would begin liquidating FTT tokens held on its books. Binance holds about 23 million FTT tokens, worth over $500 million. FTX asked Binance to sell its tokens to it at a fixed price to avoid a collapse in the value of the token. Binance rejected the request. The value of the FTT token then collapsed, and Binance helped it address the “lack of liquidity” by acquiring FTX.
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