Binance Is Selling All FTX (FTT) Tokens. Here’s Why

The Binance boss has stressed that it is not a move against its main competitor. The exchange received $2.1 billion worth of Binance USD and FTT after selling its stake in rival FTX last year. The announcement comes a few days after rumors about Alameda Research’s financial troubles.

Alameda Research CEO Caroline Ellison claims that FTX has an additional $10 billion of assets that are not listed. In a follow-up tweet, Ellison claims that Alameda will “happily buy” Binance’s FTT tokens at $22 if the exchange wants to minimize the market impact. The FTT price collapsed more than 11% following Zhao’s announcement, but it then managed to pare its losses in less than an hour.

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