Binance Moves to Liquidate Its Entire Position in FTX Tokens

Binance CEO Changpeng “CZ” Zhao said on Sunday that his cryptocurrency exchange is liquidating its holdings of FTT, the native token of rival exchange FTX. Zhao referenced “recent revelations that have came to light,” but did not elaborate. He has since committed to revising his regulatory position. Binance received the funds in FTT as part of its exit last year from an early equity position in FTX it had had since 2019. FTX had bought out Binance’s stake in the company through a $2.1 billion mix of FTT and BUSD–the stablecoin native to Binance’s exchange–according to a statement from Zhao. CZ said the liquidation is expected to take a few months to complete due to market conditions and limited liquidity.