Binance CEO “CZ” Discussed FTX Token (FTT) Fate With SBF

Binance CEO “CZ” on Monday stated Binance by no means shorted FTX Token (FTT). He stated the crypto trade nonetheless has a major quantity of FTT holdings, however stopped promoting it after Sam Bankman-Fried (SBF) known as him a couple of days in the past. Just lately, Binance CEO determined to liquidate its FTT token holdings after revelations relating to Alameda Analysis.

On account of ceasing to liquidate FTT tokens after the worth fell, Binance is shedding almost $500 million. In reality, Binance CEO “CZ” already dedicated to burn buying and selling charges on Terra Basic (LUNC) spot and margin pairs for the Terra Basic neighborhood.

Binance CEO “CZ” on FTX Token (FTT) Holdings

Binance CEO Changpeng “CZ” Zhao in a tweet on November 14 disclosed that crypto trade Binance by no means short-sold FTX Token (FTT). Furthermore, Binance stopped promoting FTT tokens after former CEO Sam Bankman-Fried known as to halt FTT tokens because it was impacting liquidity at FTX and Alameda Analysis.

On November 13, Binance CEO introduced that Binance will not settle for deposits of FTX’s FTT tokens and urged different exchanges to do the identical.

“Full disclosure: Binance by no means shorted FTT. We nonetheless have a bag of as we stopped promoting FTT after SBF known as me. Very costly name.”

Binance additionally tweeted relating to the suspicious motion of a considerable amount of FTT tokens by the token’s contract deployers. The crypto trade revealed that 100% of FTT was unlocked on Might 1 as per knowledge by FTT Unlock Schedules. Furthermore, the massive variety of FTT actions was seemingly because of FTX’s inside asset consolidation. The Binance crew is in touch with the FTX crew to additional make clear the scenario relating to the FTT tokens.

As per the official announcement, Binance will take away and stop buying and selling of a number of FTT buying and selling pairs together with FTT/BNB, FTT/BTC, FTT/ETH, and FTT/USDT. The buying and selling is on the market solely until 04:30 UTC on November 15. Nevertheless, customers can nonetheless commerce FTT with BUSD pair. The choice was made after a latest evaluate of the listed FTT token.

BNB Token Jumps Amid Restoration

Binance’s BNB token and different cryptocurrencies recovered after CEO “CZ” introduced an trade restoration fund to assist initiatives affected by the liquidity disaster.

The crypto costs have crashed and institutional buyers are shedding confidence and belief after one of many largest crypto exchanges FTX filed for Chapter 11 chapter.

Varinder is a Technical Author and Editor, Expertise Fanatic, and Analytical Thinker. Fascinated by Disruptive Applied sciences, he has shared his data about Blockchain, Cryptocurrencies, Synthetic Intelligence, and the Web of Issues. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is presently overlaying all the most recent updates and developments within the crypto trade.

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