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

Binance is dumping all its FTX tokens (FTT) holding “Due to the revelations that have come to light,” the CEO. Changpeng Zhao confirmed. “As for the impression that this is against the competitor, it is not,” he added. “Our industry is in shambles and every time a project goes public it hurts every user and platform.”

Binance Liquidating All FTX Tokens on Its Books

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

The CEO 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 FTX investor. “Due to the revelations that have come to light, we have decided to delete any remaining FTT from our books,” Zhao wrote.

Crypto Exchange Binance Dumping All FTX Token Holdings - CEO Says 'Revelations Are Coming'

In a follow-up tweet, the head of Binance added: “We will try to do it in a way that minimizes the impact on the market. Due to the market conditions and the lack of funds, we expect that this will take a few months to complete. ” He went on to say. “We tend to hold the token for a long time. And we held on to this token for a long time.”

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CZ is also detailed:

Removing our FTT is just a post-emergence risk management, learning from LUNA. We’ve been supportive, but we won’t pretend to be romantic after a breakup. We are not against anyone. But we don’t support people who are lobbying against other industry players behind their backs. In front.

Noting that “Binance always encourages cooperation between industry players,” the CEO said that the sale is not “an anti-competitive move” as some have suggested. He continued: “Our industry is disappearing and every time a project fails to be transparent it hurts every user and platform.”

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

Crypto Exchange Binance Dumping All FTX Token Holdings - CEO Says 'Revelations Are Coming'

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 breath and reminded myself of something we would do well to remember: that we are all in this together, and I wish well that ‘everyone’ drives the industry forward.” He went on to say:

Because I respect the hell out of what you’ve done to build the industry as we see it today, whether they’re reciprocating or not, and whether we use the same methods or not. Including CZ.

FTX published a document entitled “Possible Digital Asset Industry Standards” on October 19 which was widely received from the crypto industry. Bankman-Fried, who is a mega-donor to the Democratic Party, has been under fire for her controversy over the financial statements (defi) protocol. Meanwhile, CZ is a big supporter of defi, he once said: “Binance is investing a lot of money in defi.”

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In addition, some people believe that the sale of FTT may be related to the financial health of Alameda Research, a large trading company founded by Bankman-Fried. On Friday, Dirty Bubble Media released another article explaining the reasons why Alameda Research’s funding “seems to have stopped at the program that destroyed the Celsius Network.” The article mentions a leaked banknote.

Tags in this story

Binance, Binance dumps FTT, Binance dumps FTX, Binance exits FTX, Binance sells all FTX, Changpeng Zhoa, Crypto regulation, CZ, FTX tokens, Lobby, Sam Bankman-Fried

What do you think about Binance dumping all of its FTX token holdings? 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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