Tuesday, December 6, 2022
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FTX CEO clears his stance on taking over asian crypto exchange Huobi

The Chief Executive Officer of the cryptocurrency exchange FTX, Sam Bankman-Fried, has said that his company has no intentions of taking over the Asian crypto exchange platform Huobi.

In a tweet posted on Monday, the CEO of FTX, whose company has dominated the headlines over the last few months, talked about major acquisition and growth initiatives in the midst of the crypto winter.

Huobi was once one of the largest crypto exchanges in the world but has seen most of its volume come from China’s local currency trading pairs. The company opened its business in 2013, and it is one of the exchanges that has an expanding presence after operations in Korea and Hong Kong.

The comments made by Bankman-Fried come after it was reported that FTX is reportedly in acquisition discussions with Huobi.

A recent report claims that the creator of Huobi, Leon Li, allegedly explored the possibility of selling a majority ownership in his firm to FTX. If the deal were to go through, it would place the exchange’s worth at around $3 billion.

There were also rumours that Justin Sun, the creator of Tron (TRX/USD) and a former CEO of the company, had shown an interest in Huobi. The allegation was also denied by Mr. Sun.
In spite of the crypto winter, FTX still intends to expand their business by purchasing the cryptocurrency exchange Liquid and the trading platform Bitvo.

According to reports, the company has also been in discussions to purchase Bithumb, a cryptocurrency exchange that is situated in South Korea. The company already has an agreement to acquire crypto lender BlockFi.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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