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Home Breaking News

Binance to acquire rival cryptocurrency platform, FTX

Nairametrics by Nairametrics
November 8, 2022
in Breaking News, Cryptos, Markets, Spotlight
FTX partners African payment company, AZA Finance to grow Web3 economy in Africa
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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 rumored 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 to acquire his company.

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

See tweet

1) Hey all: I have a few announcements to make.

Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).

— SBF (@SBF_FTX) November 8, 2022

What is going on? 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.

Immediate Impact: In light of the recent news, popular currencies like Bitcoin, Ethereum, Solana, Dogecoin, and others have all seen large price increases.

  • However, the impact of the news shows BNB, Binance’s coin is currently up 8.16% at the time of writing this article while.
  • Bitcoin was down 4.32% and ETH is down 4.4% trading at $19,800 and 1510 respectively.

Follow us for Breaking News and Market Intelligence.
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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  • DMO allots N4.01 billion in FGN Savings Bonds for June 2025  
  • UNFPA: 90% of Nigerian women aged 50 and above had fewer children than desired – Report
  • NIBSS unveils National Payment Stack to revolutionize instant payment in Nigeria 

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Recent News

FGN Bonds, bond, DMO set to auction N150 billion in FGN Bonds to investors , FGN Bond for February 2020 oversubscribed by investors, DMO suspends April 2020 FGN savings bond offer

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June 18, 2025
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June 18, 2025
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