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Crypto Exchange Binance Dumps All FTX Tokens On Its Books – CEO Citing ‘Recent Revelations’ – Altcoins Bitcoin News
Binance Dumps All Its FTX Token (FTT) Holdings “Due to Recent Disclosures That Have Come to Light,” CEO Changpeng Zhao has confirmed that. “As for speculation about whether this is a move towards a competitor, it is not,” he added. “Our industry is in its infancy, and every time a project fails publicly, it hurts every user and every platform.”
Binance is liquidating all FTX tokens on its books
The CEO of global cryptocurrency exchange Binance, Changpeng Zhao (CZ), announced via Twitter on Sunday that his exchange is liquidating all FTX tokens (FTT) on its books.
The executive explained that Binance received $2.1 billion in BUSD (Binance’s stablecoin) and FTT from exiting FTX stock last year. Binance was an early FTX investor. “Due to recent disclosures that have come to light, we have decided to liquidate the remaining FTT on our books,” Zhao wrote.
In follow-up tweets, the Binance CEO added: “We will try to do it in a way that minimizes market impact. Due to market conditions and limited liquidity, we expect this to take a few months to complete.” He further said, “We usually hold tokens for the long term. And we have held on to this symbol for so long.”
CZ also detailed:
Liquidating our FTT is just risk management after exit, and learning from LUNA. We were supportive before, but we won’t pretend to love after divorce. We are not against anyone. But we will not support people who lobby against other industry players behind their backs. And further.
The CEO asserted that “Binance always encourages cooperation between industry players” that the sale is not “a move toward a competitor” as some have speculated. He continued: “Our industry is in its infancy, and every time a project fails publicly, it hurts every user and every platform.”
Shortly after his announcement, CZ admitted that the 22,999,999 FTT transferred to Binance on November 5th was part of the exchange’s FTX token exit move.
Sam Bankman-Fried’s answer
Commenting on Binance CEO’s tweet about FTT, FTX CEO Sam Bankman-Fried wrote: “I was going to write another thread, but I took a deep breath and reminded myself of something we’d all do well to remember: that we’re all in this together, and I wish the best for “everyone” driving the industry forward. » He continued:
Because I respect what you have done to build the industry as we see it today, whether they reciprocate or not, and whether we use the same methods or not. Including CZ.
FTX published a document titled “Possible Digital Asset Industry Standards” on October 19 that received a lot of backlash from the crypto industry. A mega-donor to the Democratic Party, Bankman-Fried has come under fire for her controversial comments about the decentralized finance protocol (defi). Meanwhile, CZ is a big defi supporter, previously stating, “Binance is investing heavily in defi.”
In addition, some believe the FTT sale may also be related to the financial health of Alameda Research, a principal trading firm founded by Bankman-Fried. On Friday, Dirty Bubble Media published a article which outlines reasons why Alameda Research’s finances “appear to rest on the same scheme that destroyed the Celsius Network.” The article cites a leaked balance sheet.
What do you think about Binance dumping all its FTX token holdings? Let us know in the comments section below.
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