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Binance chose to liquidate their remaining FTT holdings


Last year, as part of its exit from FTX equity, Binance made cash equivalent to roughly $2.1 billion USD (BUSD and FTT). Recent discoveries have led Bianance to decide to liquidate any remaining FTT on their books.

CZ, the CEO of Binance, said that they would make an effort to reduce the effect on the market. They expect this may take several months due to the current state of the market and the lack of liquidity.

He claims that Binance often extends invitations to industry participants for cooperation. The answer is that there is no reason to believe that this is a move against a rival. As a young industry, every project failure that is made public hurts every platform and user.

” 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,” said CZ.

This has to be FTX’s biggest setback to yet.

Additionally, the unloading will take place over a length of time to avoid severely impacting the FTT price. Retail sales are declining, but the FUD has already started.

About Tiffany Ellis

She is a smiley curious writer from the USA. She loves Cryptocurrencies, Arts an also NFTs.

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