Binance to Liquidate its FTX Token Position Amid Recent Revelations

Binance to Liquidate its FTX Token Position Amid Recent Revelations

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 Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange, Binance announced on Sunday that his exchange will liquidate its entire FTT position amid “recent revelations.

“Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books.” said CZ in a tweet on Sunday, so far, he is yet to elaborate publicly nor respond to media requests on the clarity of the move.

This came after the CEO of FTX exchange, Sam Bankman-Fried shared regulatory proposals in a blog post weeks ago, which recommended restrictions on Defi, a proposal that faced a lot of criticism in the crypto industry.

Binance had an equity position in FTX in 2019 after which it exited last year and received the funds in FTT (roughly $2.1 billion) as part of its exit, and now, Binance has announced a gradual liquidation of all the FTT.

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The Liquidation Will Take a Few Months

In a statement in the tweet by Binance CZ on Sunday, the liquidation will be carried out gradually and will take a few months so as not to impact the market.

The FTX native token FTT plunged by 9.5% in the past few hours.

Meanwhile, on Saturday, as revealed by Etherscan, FTT token worth $584 million at the time was sent from a wallet to Binance’s exchange, which is nearly 17% of FTT tokens in circulation, CZ confirmed that the transaction is part of Binance move to liquidate its FTT position.

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