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 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.
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 FTX investor. “Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books,” Zhao wrote.
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:
Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won’t pretend to make love after divorce. We are not against 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.
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…
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