Conversation

SBF
@SBF_FTX
1) Hey all: I have a few announcements to make. Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc.).
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SBF
@SBF_FTX
2) Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. -- we apologize for that.
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SBF
@SBF_FTX
4) A *huge* thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.
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SBF
@SBF_FTX
5) I know that there have been rumors in media of conflict between our two exchanges, however Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands.
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XRPGoat
@XrpGoat
Replying to
@SBF_FTX
Why even put your exchange in this position in the first place? Please educate my peabrain: Users deposit funds. Funds are held in custody. Users withdraw funds. Why the need to mess this up, by co-opting fractional reserve banking strategies?
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