FTX founder SBF tweeted that things are back to square one, and the first and last investor in FTX is the same: we have reached an agreement with Binance on a strategic investment in FTX. According to SBF, the team is processing the backlog of withdrawal requests as-is, which will eliminate the liquidity crunch; all assets will be covered 1:1, which is one of the main reasons we asked Binance to join, but it may take some time to resolve. He also expressed his gratitude to CZ and Binance, as well as all their supporters. This is a user-centric development that benefits the industry as a whole. CZ has and continues to do incredible work in building the global crypto ecosystem and creating a freer economic world. SBF claims to be aware of media rumors of a conflict between our two exchanges, but Binance has repeatedly demonstrated that they are committed to creating a more decentralized global economy while working to improve industry relations with regulators.

SBF also added that FTX.us and Binance.us are two separate companies and are not currently affected by this. Withdrawals from FTX.us are and have been made, withdrawals are fully supported, and are functioning normally.