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

Crypto Exchange Binance Dumping All FTX Tokens on Its Books — CEO Cites 'Recent Revelations'

Binance is dumping all of its FTX token (FTT) holdings “Due to recent revelations that have come to light,” CEO Changpeng Zhao has confirmed. “Regarding any speculation as to whether this is a move against a competitor, it is not,” he added. “Our industry is in its nascency and every time a project publicly fails it hurts every user and every platform.”

Binance Liquidating All FTX Tokens on Its Books

The CEO of world cryptocurrency alternate Binance, Changpeng Zhao (CZ), introduced by way of Twitter Sunday that his alternate is liquidating all the FTX tokens (FTT) on its books.

The govt defined that Binance obtained $2.1 billion in BUSD (Binance’s stablecoin) and FTT from exiting FTX fairness final 12 months. Binance was an early FTX investor. “Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books,” Zhao wrote.

Crypto Exchange Binance Dumping All FTX Token Holdings — CEO Cites 'Recent Revelations'

In follow-up tweets, the Binance boss added: “We will strive to take action in a approach that minimizes market influence. Due to market circumstances and restricted liquidity, we count on this can take a number of months to finish.” He additional mentioned. “We typically hold tokens for the long term. And we have held on to this token for this long.”

CZ additionally detailed:

Liquidating our FTT is simply post-exit threat administration, studying from LUNA. We gave help earlier than, however we received’t faux to make love after divorce. We will not be towards anybody. But we received’t help individuals who foyer towards different business gamers behind their backs. Onwards.

Noting that “Binance always encourages collaboration between industry players,” the CEO claimed that the sale shouldn’t be “a move against a competitor” as some have speculated. He continued: “Our industry is in its nascency and every time a project publicly fails it hurts every user and every platform.”

Soon after his announcement, CZ admitted that the 22,999,999 FTT transferred to Binance on Nov. 5 was a part of his alternate’s FTX token exit transfer.

Crypto Exchange Binance Dumping All FTX Token Holdings — CEO Cites 'Recent Revelations'

Sam Bankman-Fried’s Response

Commenting on the Binance CEO’s tweet about FTT, FTX CEO Sam Bankman-Fried wrote: “I was going to write a different 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 to ‘everyone’ driving the industry forward.” He continued:

Because I respect the hell out of what y’all have performed to construct the business as we see it at this time, whether or not or not they reciprocate, and whether or not or not we use the identical strategies. Including CZ.

FTX revealed a document titled “Possible Digital Asset Industry Standards” on Oct. 19 which obtained a lot backlash from the crypto business. Bankman-Fried, who’s a mega-donor to the Democratic get together, has been under fire for his controversial feedback on the decentralized finance (defi) protocol. Meanwhile, CZ is a significant defi supporter, stating beforehand: “Binance is investing heavily in defi.”

In addition, some individuals consider that the FTT sale may be associated to the monetary well being of Alameda Research, a principal buying and selling agency based by Bankman-Fried. On Friday, Dirty Bubble Media revealed an article outlining explanation why Alameda Research’s funds “appear to rest on the same scheme that destroyed Celsius Network.” The article cites a leaked steadiness sheet.

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