Binance to Exit FTT Position, Gained from FTX Investment, Throws Shade at Competitor

Chengpeng “CZ” Zhou, CEO and founder of Binance, has thrown some shade at competitor FTX announcing via Twitter it will be exiting its holdings of FTT, the native token of FTX, “due to recent revelations.” The revelations were not disclosed.


CZ further stated that their liquidation of FTT was not a “move against a competitor.”

“Binance always encourages collaboration between industry players. Regarding any speculation as to whether this is a move against a competitor, it is not. Our industry is in it’s nascency and every time a project publicly fails it hurts every user and every platform.”

Binance is the top crypto exchange in the world, with FTX a distant second but growing rapidly.

As was reported, Sam Bankman-Fried responded on Twitter that they had no solvency issues and shared a link to a thread indicating all transactions were processing as expected.

CZ said they would exit the position in FTT “in a way that minimizes market impact. Due to market conditions and limited liquidity, we expect this will take a few months to complete.”

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