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Crypto exchange Binance unloads all of its FTX token holdings

The company explained that the liquidation of its holdings is “due to recent revelations that have come to light” and not a move against a competitor.

Image by: Wikimedia Commons

Tue, 08 Nov 2022, 02:25 am UTC

Crypto exchange Binance confirmed that it is unloading all of its FTX token holdings. The company explained that the liquidation of its holdings is “due to recent revelations that have come to light” and not a move against a competitor, according to Bitcoin.com.

The confirmation was done by Binance CEO Changpeng Zhao (CZ) in a Twitter Sunday post on Sunday. The crypto exchange executive explained that Binance, an early FTX investor, received $2.1 billion in BUSD (Binance’s stablecoin) and FTT from exiting FTX equity last year.

“As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books,” CZ explained in his Twitter post.

The crypto exchange is making sure that the transaction would have minimal impact on the industry. “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,” CZ said in a follow-up tweet.

CZ also assured that the intention of its decision to liquidate its FTX holdings is not to target a competitor. “Binance always encourages collaboration between industry players. Regarding any speculation as to whether this is a move against a competitor, it is not. Our industry is in its nascency and every time a project publicly fails it hurts every user and every platform,” the executive explained.

“We typically hold tokens for the long term. And we have held on to this token for this long. We stay transparent with our actions,” CZ added.

Meanwhile, Sam Bankman-Fried posted his comments on the Binance CEO’s tweet about FTT. “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 wrote.

“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. Including CZ,” the FTX CEO added.

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