Cryptocurrency Exchange Binance Dumps All FTX Tokens On Its Books – Cites CEO ‘Recent Reveal’

Binance is dumping its entire FTX (FTT) token holdings “Due to recent revelations that have come to light,” CEO Changpeng Zhao has confirmed. “About any speculation as to whether this is a move against competitors,” he added. “Our industry is in its infancy, and every time a project fails publicly, it hurts every user and every platform.”

Binance liquidates all FTX tokens on its books

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

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

Cryptocurrency Exchange Binance Dumps All FTX Token Holdings - Cites CEO 'Recent Revelations'
Cryptocurrency Exchange Binance Dumps All FTX Token Holdings – Cites CEO ‘Recent Revelations’

In subsequent tweets, the Binance boss added: “We will try to do so in a way that minimizes the impact on the market. Due to limited liquidity and market conditions, we expect this to take a few months to complete.” He added. “We usually hold tokens for the long term. And we have been holding this token for a long time. “

CZ also details:

Our FTT liquidation is just risk management after exit, learning from LUNA. We’ve been supportive before but we won’t pretend to love each other after the divorce. We are not against anyone. But we will not support those lobbying against other industry companies behind their backs. Onward.

Noting that “Binance has always encouraged collaboration between companies in the industry,” the CEO stated that the sale was not “an anti-competitive move” as some had speculated. “Our industry is in its infancy, and every time a project fails publicly, it hurts every user and every platform,” he continued.

Shortly after his announcement, CZ admitted that 22,999,999 FTT transferred to Binance on November 5 was part of his exchange’s move to exit the FTX token.

CZ admitted that 22,999,999 FTT transferred to Binance on November 5
CZ admitted that 22,999,999 FTT transferred to Binance on November 5

Feedback from Sam Bankman-Fried

Commenting on Binance CEO’s tweet about FTT, FTX CEO Sam Bankman-Fried wrote: “I was about to write another thread, but I took a deep breath and reminded myself of this. which we would all do well to remember: that we’re all doing this together, and I wish the best for ‘everyone’ pushing the industry forward. “He continued:

Because I respect what you guys did to build the industry we see today, whether they reciprocate or not and whether we use the same methods. Including CZ.

FTX published a document titled “Possible Digital Asset Industry Standards” on October 19, which received a lot of backlash from the crypto industry. Bankman-Fried, a major donor to the Democratic party, has been criticized for his controversial comments about the decentralized finance (defi) protocol. Meanwhile, CZ is a big defi supporter, having previously stated: “Binance is investing heavily in defi.”

In addition, some have suggested that the sale of FTT may also be related to the financial health of Alameda Research, a core business founded by Bankman-Fried. On Friday, Dirty Bubble Media published an article outlining why Alameda Research’s finances “appear to be on top of the same scheme that destroyed the Celsius Network”. The article cited a leaked balance sheet.

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