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Gungun Bhatia
Nov 7, 2022
by Gungun Bhatia

Binance to Liquidate FTT Holdings After Recent Disclosures

Binance FTT

Table of contents

  1. FTX Acquires Binance Ownership
Changpeng "CZ" Zhao, the Chief Executive Officer of Binance, announced on Sunday that the crypto exchange is selling its ownership of FTT, a competitor exchange FTX's native asset. Zhao stated that the choice was taken following recent disclosures that emerged in a tweet from November 6.

Sam Bankman-Fried, the founder and CEO of FTX, came under fire for legislative ideas he put up in a blog post that suggested limitations on Decentralized Finance (DeFi). He has since pledged to change his regulatory stance.

FTX Acquires Binance Ownership

Binance received the money in FTT in conjunction with its release from an initial equity stake in FTX that it had held since 2019. The exit took place last year. According to a statement from Zhao, FTX has purchased Binance's ownership of the business using a $2.1 billion combination of FTT and BUSD, the stablecoin exclusive to Binance's exchange.

According to CZ, the market circumstances and the lack of liquidity will cause the disposal to take several months to conclude. Additionally, he stated, it would be executed in a manner that aims to lessen the effect on FTT's market.

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Binance FTX Decentralized Finance (DeFi) FTT
Binance to Liquidate FTT Holdings After Recent Disclosures
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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