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Binance CEO “CZ” on Monday stated Binance by no means shorted FTX Token (FTT). He stated the crypto change 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 concerning Alameda Research.

As a results of ceasing to liquidate FTT tokens after the worth fell, Binance is dropping almost $500 million. In reality, 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 change 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 concerning the suspicious motion of a considerable amount of FTT tokens by the token’s contract deployers. The crypto change 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 on account of FTX’s inside asset consolidation. The Binance group is in touch with the FTX group to additional make clear the scenario concerning 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 out there solely until 04:30 UTC on November 15. However, customers can nonetheless commerce FTT with BUSD pair. The choice was made after a latest overview 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 dropping confidence and belief after one of many largest crypto exchanges FTX filed for Chapter 11 bankruptcy.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his information about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency business for a considerable interval and is presently overlaying all the most recent updates and developments within the crypto business.

The offered content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.