People familiar with the matter revealed that FTX, a cryptocurrency trading platform that declared bankruptcy, had sought to acquire online brokerage
According to the Wall Street Journal, people familiar with the matter revealed that FTX, a cryptocurrency trading platform that declared bankruptcy, had sought to acquire online brokerage Webull earlier this year. This is part of Sam Bankman-Fried's desire to expand FTX's business into the world of stock trading.

Bankman-Fried, the founder of FTX, discussed a possible deal with Webull executives later this year. AndroBliz 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 with the company to assist in an orderly transition.

US media pointed out that Webull has risen rapidly in the highly competitive field of online brokerages. The company launched its trading platform in the U.S. in 2018, offering stock, options and cryptocurrency trading, as well as retirement accounts. In addition to the United States, the company also operates in Hong Kong and Singapore.

According to the information on the official website, Webull Securities is a licensed securities broker in the United States, registered with the Securities and Exchange Commission (SEC), and a member of the Financial Industry Regulatory Authority, Securities Investor Protection Corporation, New York Stock Exchange, Nasdaq Exchange and A member firm of the EDGX stock exchange, part of the Chicago Board Options Exchange.

The proposed deal fell through over disagreements over price, the people said. According to sources, Webull had suggested that FTX acquire the brokerage with billions of dollars in cash and stock . FTX believes the proposed valuation is excessive.
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