Although Binance and FTX, two of the biggest crypto exchange platforms that support online casinos and sports betting brands, have resolved to put their differences behind them. And based on their previous days of open conflict, one of the two largest offshore cryptocurrency exchanges is in a better position. 

A buyout request from FTX, which has been feeling the financial pinch of the “crypto winter,” was generously accepted by Binance CEO Changpeng Zhao.

 

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FTX in Need of Good, Loyal Friends

Sam Bankman-Fried, the creator of FTX and hailed as a “crypto savior,” has since moderated his disagreement with his rival. Zhao described what had happened. Binance has decided to buy out FTX in order to safeguard customers, according to Bankman-Fried. 

Moving forward, Binance should complete the acquisition of FTX, effectively putting an end to their business rivalry and unifying their operations under one roof. However, Binance.US and FTX.US will continue to be autonomous and able to do their business as regulated firms in the US.

Although Bankman-Fried and Changpeng Zhao are regarded as two of the most influential cryptocurrency innovators, not everyone is in favor of the two businesses joining together. Some believe this to be an excessive amount of consolidation and an unequal playing field. But only Binance has shown remarkable resilience to the ups and downs of cryptocurrency volatility among the main exchanges.

The majority of other businesses, like Crypto.com, Coinbase, and FTX, appear to have succumbed to the volatility and unrestrained growth. Along with acknowledging a reduction in profits and trading activity, Revolut and Robinhood also concluded that their all-in cryptocurrency bid was unwise. Given that it was one of the original investors in the business, Binance has been a long-term partner of FTX.

Tit for Tat that Results in a Merger and Acquisition

On the other hand, Binance said on Sunday that it would offer $2 billion worth of FTT crypto tokens, FTX’s exclusive cryptocurrency. This was allegedly sparked by allegations made by an unidentified researcher going by the internet handle “Dirty Bubble Media,” according to which one of Bankman-businesses, Fried’s Alameda Research, has entered insolvency.

The anonymous researcher disputed in a post that “it’s almost as if SBF found a means to hack the financial system, producing billions of dollars out of thin air against which he was able to borrow enormous sums from unknown counterparties. However, FTX itself responded by withdrawing its funds from Binance in response to the decision to sell FTT tokens, which heightened tensions between the two businesses.

For the sake of users as a whole, FTX is now reaching out to Binance once more, coming full circle to where it all began years ago.