Binance Dumps Its FTX Token (FTT) Holdings “Due to Recent Disclosures,” CEO Changpeng Zhao is confirmed. “As for any speculation that this is an anti-competitive move, it’s not,” he said. “Our business is so fast-paced that every time a project fails publicly it hurt every user and every platform.”
Binance liquidates all FTX tokens on its books
The CEO of global digital currency exchange Binance, Changpeng Zhao (CZ), announced via Twitter on Sunday that his exchange is liquidating all FTX (FTT) tokens on its books.
The executive explained that Binance received $2.1 billion in BUSD (Binance stable) and FTT from the exit of FTX equity last year. Binance was an early FTX investor. “Due to recent disclosures that have come to light, we have decided to liquidate any remaining FTT on our books,” Zhao wrote.
In follow-up tweets, the head of Binance said: “We’ll try to do that in a way that minimizes the impact on the market. Due to market conditions and limited liquidity, we expect this to take a few months to complete.” He added. “We usually have symptoms for the long term. And we have stuck to this mark for so long.”
CZ also detailed:
Dismissing our FTT is just post-departure risk management, learning from LUNA. We’ve been supportive before, but we don’t pretend to make love after a divorce. We are not against anyone. But we will not support people who lobby against other business players behind their backs. Onward.
Noting that “Binance always encourages collaboration between industry players,” the CEO said the sale was not “an anti-competitive move” as some have claimed. He continued: “Our business is so fast and every time a project fails publicly it hurts every user and every platform.”
Shortly after the announcement, CZ admitted that the 22,999,999 FTT transferred to Binance on November 5th was part of its exchange’s FTX token exit move.
Answer by Sam Bankman-Fried
Referring to Binance CEO’s tweet about FTT, FTX CEO Sam Bankman-Fried write: “I was going to write a different thread, but I took a deep breath and reminded myself of something we would all do well to remember: that we are all in this together, and I wish you the best for ‘everyone’ to drive. business forward.” He continued:
Because I respect the hell out of what you’ve done to build the business as we see it today, whether they go back or not, and whether or not we use the same methods. Including CZ.
FTX published a document titled “Potential Digital Asset Industry Standards” on October 19 that received a lot of backlash from the crypto industry. Bankman-Fried, who is a mega donor to the Democratic party, has come under fire for his controversial views on the decentralized finance (defi) protocol. Meanwhile, CZ is a major supporter of defi, previously saying: “Binance is investing heavily in defi. “
In addition, some believe that the sale of FTT may be related to the financial health of Alameda Research, a major trading firm founded by Bankman-Fried. On Friday, Dirty Bubble Media published the article explains why Alameda Research’s finances “appear to lie on the same scheme that destroyed the Celsius Network.” The article cites a leaked balance sheet.
What do you think about Binance dumping all FTX token holdings? Let us know in the comments section below.
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