Crypto Exchange Binance Dumping All FTX Tokens on Its Books — CEO Cites ‘Recent Revelations’ – Altcoins Bitcoin News

Binance is abandoning all FTX token (FTT) holdings “Due to recent revelations that have come to light,” the CEO. Changpeng Zhao confirmed. “As for any speculation that this is a move against a competitor, it is not,” he added. “Our industry is in dire straits and every time a project fails publicly it hurts every user and every platform.”

Binance Eliminates All FTX Tokens From Its Books

The CEO of global cryptocurrency exchange Binance, Changpeng Zhao (CZ), announced via Twitter on Sunday that his exchange is eliminating all FTX (FTT) tokens from its books.

The manager explained that Binance received $2.1 billion in BUSD (Binance’s stablecoin) and FTT from the exit of FTX equity last year. Binance was the first investor of FTX. “Due to the recent revelations that have come to light, we have decided to liquidate any remaining FTT from our books,” Zhao wrote.

Crypto Exchange Binance Dumps All FTX Token Holdings - CEO Cites 'Recent Revelations'

In follow-up tweets, the manager of Binance added: “We will try to do it in a way to reduce the impact of the market. Due to the conditions of the market and the lack of funds, we expect that this will take a few months to complete.” He continued. “We always hold the tokens for a long time. long time. “

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CZ also explained:

Ending our FTT is risk management after exit, learning from LUNA. We’ve been supportive before, but we’re not going to pretend we’re making love after a divorce. We are not against anyone. But we will not support people lobbying against other industry players behind their backs. Moving forward.

Noting that “Binance always promotes cooperation between industry players,” the CEO claimed that the sale “is not a move against a competitor” as some think. He continued: “Our business is in a bad state 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 5 was part of his FTX exchange token exit move.

Crypto Exchange Binance Dumps All FTX Token Holdings - CEO Cites 'Recent Revelations'

Answer by Sam Bankman-Fried

Commenting on Binance CEO’s tweet about FTT, FTX CEO Sam Bankman-Fried he wrote: “I was going to write a separate thread, but I took a deep breath and reminded myself of what we all need to remember: that we are all in this together, and I wish the best for ‘everyone’ to carry on. ahead of the business.” He went on to say:

Because I respect the hell out of what you did to build the business as we see it today, whether they bring it back, and whether we use the same methods or not. Including CZ.

FTX published a document titled “Business Standards for Potential Digital Assets” on Oct. 19 which received a lot of backlash from the crypto industry. Bankman-Fried, a major supporter of the Democratic Party, has come under fire for his controversial views on the protocol for decentralized finance (defi). Meanwhile, CZ is a big supporter of defi, explaining earlier: “Binance invests a lot in defi.”

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Additionally, some people believe that FTT’s sales may be related to the financial health of Alameda Research, the principal trading firm founded by Bankman-Fried. On Friday, Dirty Bubble Media published the point explaining the reasons why Alameda Research funding “seems to be on the same path that destroyed the Celsius Network.” This article mentions a leaky balance sheet.

Tags in this story

Binance, Binance Abandoning FTT, Binance Abandoning FTX, Binance Abandoning FTX, Binance Selling All FTX, Changpeng Zhoa, Crypto regulation, CZ , FTX tokens, Lobby, Sam Bankman-Fried

What do you think about Binance dumping all its FTX tokens? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection between economics and cryptography.

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