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

Binance is dumping all of its FTX Token (FTT) holdings “due to recent revelations that have come to light,” CEO Changpeng Zhao has confirmed. “With regard to any speculation as to whether this is an anti-competitive move, it is not,” he added. “Our industry is in its nature and every time a project fails publicly, it hurts every user and every platform.”

Binance to remove all FTX tokens on its books

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

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

Crypto Exchange Binance Dumping All FTX Token Holdings - CEO Explains 'Recent Revelation'

In follow-up comments, the Binance boss added: “We will try to do this in a way that minimizes market impact. Due to market conditions and limited liquidity, we expect this to take a few months to complete. “We usually hold tokens for the long term. And we’ve held this token for this long,” he added.

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CZ also detailed:

Our FTT termination is the only post-exit risk management, learning from LUNA. We supported each other before, but we will not pretend to love after divorce. We are not against anyone. But we will not support people who lobby against the backing of other industry players. next

Noting that “Binance always encourages cooperation between industry players,” the CEO claimed that the sale is not “a step against competition” as some have described. He continued: “Our industry is in its nature and every time a project fails publicly it hurts every user and every platform.”

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

Crypto Exchange Binance Dumping All FTX Token Holdings - CEO Explains 'Recent Revelation'

Answer by Sam Bankman-Fred

Commenting on Binance CEO’s tweet about FTT, FTX CEO Sam Bankman-Fred wrote: “I was going to write a different topic, but I took a deep breath and reminded myself of something that is good for all of us to remember: that we are all in this together, and I want ‘all’ to drive. Best. Industry forward.” He continued:

Because I respect the hell out of what you all have done to build the industry as we see it today, whether they give feedback or not, and whether we use the same methods or not. including CZ.

FTX published a document titled “Probable Digital Asset Industry Standard” on October 19 that received a lot of reaction from the crypto industry. Bankman-Fried, a megadonor to the Democratic Party, has been noted for her controversial comments on the decentralized finance (defi) protocol. In addition, CZ is a big defensive supporter, previously stated: “Binance is heavily invested in def.”

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In addition, some believe that the sale of FTT may also be related to the financial health of Alameda Research, a principal trading firm founded by Bankman-Fried. On Friday, the dirty bubble media published subject Alameda Research’s finances are “caused to rest on the same scheme that destroyed the Celsius network.” The article refers to a leaked balance sheet.

Tag 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 comment 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.

Image credit: Shutterstock, Pixabay, Wiki Commons

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