Binance CEO Says ‘No’ To Selling FTT Through OTC

CEO of Binance Changpeng Zhao said he will continue to support the “free market” and is not interested in selling FTT through an over-the-counter (OTC)  transaction with Alameda, according to CZ’s recent statement on Twitter.

Alameda CEO Caroline Elison publicly offered to buy all FTT Binance plans on Sunday for $22 per piece to limit the liquidation’s market effects.

Binance will likely continue to gradually sell its competitive exchange tokens on the open market instead of through over-the-counter trades in the upcoming month.

The billionaire’s evasive behavior had significant impacts on the market. Besides pushing the price of FTX tokens down by 10%, it also led to mass crypto withdrawal from FTX due to consumer panic about their holdings.

Recent statistics show that the cryptocurrency exchange platform, Binance has had about equal net inflows over the last 24 hours.

CZ Denies Ever Competing With FTX.

CZ’s comments did not go over well with (SBF), who said on Friday claiming a rival was trying to slander him by spreading false rumors.

SBF stated, 

FTX has enough to cover all customer holdings. We have been and will proceed to handle all withdrawals.

Some people believe that CZ’s decision to announce on Sunday was made intentionally in order to incite panic around FTX after perceptions of SBF had not been as positive and rumors spread that Alameda Research, a sibling company, may be struggling financially.

CZ remarked on Monday,

Sorry to let you down, but I spend my energy creating, not fighting.

I advise others to follow suit.

FTX Token Spats With Binance And Alameda

Recently, the FTT token from FTX, which represents a substantial amount of Alameda’s assets, received a lot of attention. It fell by 5% after an argument between Binance’s CEO and Alameda’s CEO, Caroline Ellison, broke out because she wanted to sell off her company’s FTX holdings at Binance.

In turn, the exchange balances of FTT are also slowly starting to increase. High exchange balances typically suggest that investors can sell tokens relatively quickly.

Related Reading | Meta Prepares For Massive Layoffs Despite Falling Revenue: Report

Over the previous week, stablecoins worth about $292 million moved out of FTX. The exchange may be losing traders as a result of their worries about liquidity issues.

Given that BTC and ETH remained stable, concerns about a liquidity crisis are probably overstating. SBF claims FTX is fine, but many analysts disagree, bringing up events such as LUNA’s

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