TSM naming sponsor FTX in trouble after Binance pulls out of acquisition deal TSM | TwitterCryptocurrency exchange FTX, which struck a naming sponsorship deal with TSM in 2021, was set to be acquired by its biggest rival, Binance. But the deal has collapsed after new information about FTX\u2019s finances came to light. Binance founder Changpeng Zhao had stated on November 8 that his company would \u201cfully acquire FTX.com and help cover the liquidity crunch\u201d for an undisclosed amount \u2014 a deal that would bring together the two biggest cryptocurrency exchanges on the planet. Mr. Zhao added that his company would examine FTX\u2019s finances as part of a due diligence review and that it could \u201cpull out from the deal at any time.\u201d That due diligence appears to have shown significant issues with FTX\u2019s financial situation. In a tweet, Binance said that it had pulled out of the deal due to \u201cnews reports regarding mishandled customer funds and alleged US agency investigations.\u201d \u201cIn the beginning, our hope was to be able to support FTX\u2019s customers to provide liquidity, but the issues are beyond our control or ability to help,\u201d Binance added. In the past few days, FTX \u201chas been scrambling to meet a surge of withdrawal requests,\u201d The New York Times reported on November 8. The news of FTX\u2019s financial issues comes less than 18 months after the cryptocurrency exchange agreed to a ten-year naming rights deal with TSM worth $210 million. As part of the agreement, TSM\u2019s teams across various games would compete under the name TSM FTX. But shortly afterward, it was revealed that TSM would not be able to promote FTX in League of Legends and VALORANT broadcasts due to Riot Games\u2019 guidelines about partnerships with cryptocurrency exchanges. In a surprising turn of events, LCS announced two months later that it had agreed to a seven-year sponsorship agreement with FTX, which became the league\u2019s official cryptocurrency exchange partner. In April 2022, FTX struck a one-year, $3.2 million sponsorship deal with Brazilian organization FURIA to expand its presence in the South American market. It remains unclear if FTX\u2019s financial difficulties, now that the acquisition by Binance has fallen through, will affect the exchange\u2019s sponsorship agreements with TSM and FURIA, as well as their 19-year, $135 million deal to rename the Miami Heat\u2019s home the \u201cFTX Arena\u201d. Last month, TSM\u2019s VP of Esports Dominic Kallas spoke with Dexerto about the organization\u2019s forthcoming return to CS:GO with a European team. The move is part of the company\u2019s expansion plan as it looks to increase its global presence. TSM did not immediately respond to requests for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"
TSM naming sponsor FTX in trouble after Binance pulls out of acquisition deal TSM | TwitterCryptocurrency exchange FTX, which struck a naming sponsorship deal with TSM in 2021, was set to be acquired by its biggest rival, Binance. But the deal has collapsed after new information about FTX\u2019s finances came to light. Binance founder Changpeng […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21997","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/21997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/comments?post=21997"}],"version-history":[{"count":0,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/21997\/revisions"}],"wp:attachment":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/media?parent=21997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/categories?post=21997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/tags?post=21997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}