It’s no joke when we say that Sam Bankman-Fried is currently in every crypto industry debate. After having caused a sensation concerning the regulation, the CEO is in a bad position and the rumors of insolvency of his platforms do not help matters. Against all expectations, Binance, the crypto exchange of Changpeng Zhao makes a sensational announcement.
Binance vs FTX, no relationship after divorce?
Binance and FTX are two giants of the crypto ecosystem. If until now cohesion was required between the two exchanges, things are about to change. After rumors about FTX and Alameda Research, the companies of Sam Bankman-Fried, Binance decides to cut ties.
Indeed, rumors of insolvency hang over the platform and the investment company. Following the Luna crisis, the crypto giant, Binance, decides to limit the losses. On November 6, the largest exchange in the world announcement that he was going to get rid of all the reserves of FTT available in his registers.
As a result, Binance will put $529 million of the native FTX token up for sale over the next few months. Although things may seem simple at first glance, this statement has caused a lot of ink and saliva to flow in both communities. If Binance customers are delighted, the same is certainly not the case on the FTX side.
According to CZ’s claims, this decision is not easy for anyone since its exchange platform encourages collaborations between players in the sector. He adds that the liquidation of its FTT reserve is in no way a targeted act against a competitor. They are in the same boat and a failed project hurts everyone.
However, it is not because it is in this logic that Binance, the crypto exchange of CZ, will accept everything. In his Sunday evening announcement, he confirms that he will not support people who play a double game. For him, it is impossible for him to support a person who puts pressure on other players in the sector behind their backs. Following the announcement of liquidation of his FTTs, Sam Bankman-Fried offered to buy back the tokens at a reduced price.
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