Binance Liquidates $584 Million in FTT, after spat with FTX

Twitter icon  •  Published 1 year ago  •  Nikolas Sargeant

Binance has liquidated $584 million worth of FTT, as announced by CEO Changpeng Zhao via his Twitter on Sunday, November 6

Binance has liquidated $584 million worth of FTT, as announced by CEO Changpeng Zhao via his Twitter on Sunday, November 6. 

FTT is the native token of FTX, one of the largest crypto exchanges. The price of FTT has fallen 13% in the last week, despite Zhao’s public comments that he wished to limit the market impacts of his sell off. 

This comes on the heels of a spat between Zhao and FTX CEO Sam Bankman-Fried over the proper role of financial regulations. In October, SBF directed regulators to decentralized exchanges and apps, arguing that they should be regulated like other financial institutions. 

Binance had received these FTT as part of its exit from an equity position in FTX. FTX bought Binance’s stake for $2.1 billion in FTT and BUSD, a stablecoin native to the Binance exchange. 

Our FTX review has praised the exchange for its large amount of services, especially as it ramps up operations in the United States. For example, they recently partnered with Visa to roll out a crypto payment card

Binance reviews have consistently praised the exchange for its lñarge community and blockchain infrastructure.  They have been receiving regulatory approval from places like Kazakhstan

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.