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 confirms. “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 liquidates all FTX tokens in its books

Changpeng Zhao, the CEO of Binance cryptocurrency exchange (CZ) announced Sunday via Twitter that all FTX tokens (FTT), on his books will be liquidated.

The executive explained that Binance received $2.1 billion in BUSD (Binance’s stablecoin) and FTT from exiting FTX equity last year. Binance was an early investor in FTX. “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 try to do so in a way that minimizes market impact. Due to market conditions and limited liquidity, we expect this will take a few months to complete.” He further said. “We typically hold tokens for the long term. And we have held on to this token for this long.”

CZ also detailed:

The liquidation of our FTT does not constitute post-exit risk management. Learn from LUNA. We gave support before, but we won’t pretend to make love after divorce. We don’t support anyone. But we won’t support people who lobby against other industry players behind their backs. Onwards.

Noting that “Binance always encourages collaboration between industry players,” the CEO claimed that the sale is not “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 part of his exchange’s FTX token exit move.

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 done to build the industry as we see it today, whether or not they reciprocate, and whether or not we use the same methods. CZ.

FTX published a document titled “Possible Digital Asset Industry Standards” on Oct. 19 which received much backlash from the crypto industry. His controversial remarks on decentralized finance protocol (defi), have brought down Bankman-Fried who is a major donor to the Democratic party. Meanwhile, CZ is a major defi supporter, stating previously: “Binance is investing heavily in defi.”

A few people think that FTT sales could be tied to Alameda Research’s financial stability, a trading platform founded by Bankman-Fried. Dirty Bubble Media published a Friday report. This article outlining reasons why Alameda Research’s finances “appear to rest on the same scheme that destroyed Celsius Network.” The article cites a leaked balance sheet.

In this story, tags
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

How do you feel about Binance dumping its entire FTX token portfolio? Comment below.

Kevin Helms

Kevin, a student of Austrian Economics and a Bitcoin evangelist since 2011, was one of the first to discover Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.

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