Shulou(Shulou.com)11/24 Report--

CTOnews.com, December 16 (Xinhua)-- FTX, the cryptocurrency trading platform that declared bankruptcy, sought to buy online brokerage Webull earlier this year, according to people familiar with the matter. This is part of Sam Bankman-Fried 's hope to expand its FTX business into stock trading.

Bankman-Fried, the founder of FTX, discussed a possible deal with microcattle executives in the second half of this year. CTOnews.com learned that FTX announced on November 11 that it had initiated bankruptcy proceedings in the United States. FTX said in a statement that CEO Sam Bankman-Fried has resigned but will remain at the company to assist in an orderly transition.

Us media pointed out that Weiniu is rising rapidly in the highly competitive field of online securities firms. The company launched a trading platform in the United States in 2018, offering stock, options and cryptocurrency transactions as well as retirement accounts. In addition to the US, the company also operates in Hong Kong and Singapore.

According to the official website, Weiniu Securities is a licensed securities broker in the United States, registered with the Securities and Exchange Commission (SEC), and is a member of the US Financial Regulatory Authority, Securities Investor Protection Company, New York Stock Exchange, NASDAQ Exchange and EDGX Stock Exchange of the Chicago options Exchange.

The proposed deal fell through because of differences over price, according to people familiar with the matter. The source said that Weiniu had advised FTX to buy the brokerage for billions of dollars in cash and stock. FTX believes the proposed valuation is too high.

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