Binance CEO “CZ” on Monday stated Binance by no means shorted FTX Token (FTT). He stated the crypto alternate nonetheless has a big quantity of FTT holdings, however stopped promoting it after Sam Bankman-Fried (SBF) referred to as him a couple of days in the past. Recently, Binance CEO determined to liquidate its FTT token holdings after revelations relating to Alameda Research.
As a results of ceasing to liquidate FTT tokens after the value fell, Binance is shedding practically $500 million. In truth, Binance CEO “CZ” already committed to burn trading fees on Terra Classic (LUNC) spot and margin pairs for the Terra Classic neighborhood.
Binance CEO “CZ” on FTX Token (FTT) Holdings
Binance CEO Changpeng “CZ” Zhao in a tweet on November 14 disclosed that crypto alternate Binance by no means short-sold FTX Token (FTT). Moreover, Binance stopped promoting FTT tokens after former CEO Sam Bankman-Fried referred to as to halt FTT tokens because it was impacting liquidity at FTX and Alameda Research.
On November 13, Binance CEO introduced that Binance will now not settle for deposits of FTX’s FTT tokens and urged different exchanges to do the identical.
“Full disclosure: Binance never shorted FTT. We still have a bag of as we stopped selling FTT after SBF called me. Very expensive call.”
Binance additionally tweeted relating to the suspicious motion of a considerable amount of FTT tokens by the token’s contract deployers. The crypto alternate revealed that 100% of FTT was unlocked on May 1 as per knowledge by FTT Unlock Schedules. Moreover, the massive variety of FTT actions was doubtless because of FTX’s inner asset consolidation. The Binance group is in touch with the FTX group 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 accessible solely until 04:30 UTC on November 15. However, customers can nonetheless commerce FTT with BUSD pair. The resolution was made after a latest evaluation of the listed FTT token.
BNB Token Jumps Amid Recovery
Binance’s BNB token and different cryptocurrencies recovered after CEO “CZ” announced an industry recovery fund to assist initiatives affected by the liquidity disaster.
The crypto costs have crashed and institutional traders are shedding confidence and belief after one of many largest crypto exchanges FTX filed for Chapter 11 bankruptcy.
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