Leading cryptocurrency exchange Binance has signed a letter of intent to acquire the fourth-largest cryptocurrency exchange by trading volume, FTX, in a deal that came after an insolvency crisis hit FTX in what has been deemed cryptos ‘Lehman Brothers’ moment.
After FTX’s liquidity crisis, Binance has committed to introducing “Merkle-tree proof of reserves” in the interest of “full transparency” in the cryptocurrency industry. In a tweet, Binance’s CEO said, “banks run on factional reserves. Crypto exchanges should not.”
The Treasury's Office of Foreign Asset Control (OFAC) has added a designation to Tornado Cash under an order on North Korea’s nuclear weapons program, in addition to the original August sanctions under an executive order on cybercrime.
Top stories in the Crypto Roundup today:
- Binance Signs a Letter of Intent to Acquire FTX
- Binance to Implement ‘Proof of Reserves’ After Run on FTX
- US Treasury Sanctions Link Tornado Cash to North Korean Nuclear Weapons Program
- FTX’s Stablecoin Reserves and Trading Volume