{"id":14312,"date":"2022-11-07T01:35:39","date_gmt":"2022-11-07T01:35:39","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-exchange-binance-dumping-all-ftx-tokens-on-its-books-ceo-cites-recent-revelations-altcoins-bitcoin-news\/"},"modified":"2022-11-07T01:35:39","modified_gmt":"2022-11-07T01:35:39","slug":"crypto-exchange-binance-dumping-all-ftx-tokens-on-its-books-ceo-cites-recent-revelations-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-exchange-binance-dumping-all-ftx-tokens-on-its-books-ceo-cites-recent-revelations-altcoins-bitcoin-news\/","title":{"rendered":"Crypto Exchange Binance Dumping All FTX Tokens on Its Books \u2014 CEO Cites ‘Recent Revelations’ \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Binance is dumping all of its FTX token (FTT) holdings \u201cDue to recent revelations that have come to light,\u201d CEO <\/strong>Changpeng Zhao has confirmed. \u201cRegarding any speculation as to whether this is a move against a competitor, it is not,\u201d he added. \u201cOur industry is in its nascency and every time a project publicly fails it hurts every user and every platform.\u201d<\/strong><\/p>\n

Binance Liquidating All FTX Tokens on Its Books<\/h2>\n

The CEO of global cryptocurrency exchange Binance, Changpeng Zhao (CZ), announced via Twitter Sunday that his exchange is liquidating all of the FTX tokens (FTT) on its books.<\/p>\n

The executive explained that Binance received $2.1 billion in BUSD (Binance\u2019s stablecoin) and FTT from exiting FTX equity last year. Binance was an early FTX investor. \u201cDue to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books,\u201d Zhao wrote.<\/p>\n

\"Crypto<\/a><\/p>\n

In follow-up tweets, the Binance boss added: \u201cWe 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.\u201d He further said. \u201cWe typically hold tokens for the long term. And we have held on to this token for this long.\u201d<\/p>\n

CZ also detailed:<\/p>\n

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Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won\u2019t pretend to make love after divorce. We are not against anyone. But we won\u2019t support people who lobby against other industry players behind their backs. Onwards.<\/p>\n<\/blockquote>\n

Noting that \u201cBinance always encourages collaboration between industry players,\u201d the CEO claimed that the sale is not \u201ca move against a competitor\u201d as some have speculated. He continued: \u201cOur industry is in its nascency and every time a project publicly fails it hurts every user and every platform.\u201d<\/p>\n

Soon after his announcement, CZ admitted that the 22,999,999 FTT transferred to Binance on Nov. 5 was part of his exchange\u2019s FTX token exit move.<\/p>\n

\"Crypto<\/a><\/p>\n

Sam Bankman-Fried\u2019s Response<\/h2>\n

Commenting on the Binance CEO\u2019s tweet about FTT, FTX CEO Sam Bankman-Fried wrote<\/a>: \u201cI was going to write a different thread, but I took a deep breath and reminded myself of something we\u2019d all do well to remember: that we\u2019re all in this together, and I wish the best to \u2018everyone\u2019 driving the industry forward.\u201d He continued:<\/p>\n

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Because I respect the hell out of what y\u2019all 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. Including CZ.<\/p>\n<\/blockquote>\n

FTX published a document<\/a> titled \u201cPossible Digital Asset Industry Standards\u201d on Oct. 19 which received much backlash from the crypto industry. Bankman-Fried, who is a mega-donor to the Democratic party, has been under fire<\/a> for his controversial comments on the decentralized finance (defi) protocol. Meanwhile, CZ is a major defi supporter, stating previously: \u201cBinance is investing heavily in defi.\u201d<\/p>\n

In addition, some people believe that the FTT sale could also be related to the financial health of Alameda Research, a principal trading firm founded by Bankman-Fried. On Friday, Dirty Bubble Media published an article<\/span><\/a> outlining reasons why Alameda Research\u2019s finances \u201cappear to rest on the same scheme that destroyed Celsius Network<\/a>.\u201d The article cites a leaked balance sheet.<\/span><\/p>\n

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\nTags in this story
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Binance<\/a>, Binance dumps FTT<\/a>, Binance dumps FTX<\/a>, Binance exits FTX<\/a>, Binance sells all FTX<\/a>, Changpeng Zhoa<\/a>, Crypto regulation<\/a>, CZ<\/a>, FTX tokens<\/a>, Lobby<\/a>, Sam Bankman-Fried<\/a><\/div>\n<\/div>\n

What do you think about Binance dumping all of its FTX token holdings? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found 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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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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