SBF says FTX is fine, Binance gears up for acquisition

SBF has also shown an approach towards Binance CEO to work together on the cryptocurrency ecosystem development.

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Amid widespread concerns, FTX CEO Sam Bankman-Fried, commonly known as SBF, has addressed the public to assure users that their money is secure on the platform. He has also shown an approach towards Binance’s CEO to work together on ecosystem development.

On Monday, November 7, 2022, SBF assured customers by his Twitter handle, that the exchange has enough money to cover client’s cryptocurrency assets and holding. Claims of insolvency were also shot down by the CEO, who claimed that withdrawals could be processed without any problems.

To summarize he said: “FTX is fine. Assets are fine”. he further added: “It’s heavily regulated, even when that slows us down. We have GAAP audits, with > $1b excess cash. We have a long history of safeguarding client assets, and that remains true today.”

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In addition, Fried noted to work and cooperate with Binance CEO Changpeng Zhao in the same tweet thread following the recent developments, Binance CEO Zhao stated that the exchange would liquidate any unsold FTT, which is a native token of FTX.

The CEO of Binance explained his move by stating: “Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won’t pretend to make love after divorce. We are not against anyone. But we won’t support people who lobby against other industry players behind their backs. Onwards.”

Binance to acquire FTX

While in July this year, SBF said that the major cryptocurrency exchange FTX has “a few billion” in the bank to help faltering companies in an effort to stabilise the market, it is now itself being acquired by its rival Binance. According to the latest update, the latter is working on acquiring the former after the massive clash. CZ said in the recent tweet:

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“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 and help cover the liquidity crunch.”

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