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Binance recently withdrew from the deal to buy FTX and now it has made a decision to stop accepting FTX’s FTT token for deposits. This move comes after its rival crypto exchange firm filed for bankruptcy last Friday.
According to Fox Business News, Binance’s chief executive officer, Changpeng Zhao, said on Sunday, Nov. 13, that they will no longer take the FTT token on their platform. He also asked others in the crypto exchange business to do the same.
"Binance has stopped FTT deposits to prevent potential questionable additional supplies affecting the market,” Zhao said via social media. “We will monitor the situation."
He posted this message after FTX revealed it found unauthorized access to its platform. Analysts reportedly said that hundreds of millions of dollars were transferred from the platform but the transaction process was very suspicious.
"FTT contract deployers moved all remaining FTT supply worth $400 million, which should be unlocked in batches. Not too sure what's going on," the Binance CEO shared.
In any case, FTX has filed for bankruptcy as it faces a liquidity crisis that led to its sudden collapse. Although a rival, the company agreed to sell its business to Binance, which backed out later after checking FTX’s books for due diligence before the acquisition could proceed.
Many of FTX’s customers and depositors have already left as they started to worry about the company’s funds or capital. They wonder if it still has enough to operate the company and support its customers.
Meanwhile, Sam Bankman-Fried, the CEO and founder of FTX, confirmed the company’s bankruptcy. He took responsibility for the shocking downfall of the second-largest crypto exchange in the world. He lost his $16 billion fortune that was reduced to zero and stepped down as FTX’s chief as well, as per BBC News.
"I am really sorry, again, that we ended up here,” the 30-year-old ‘King of Crypto’ wrote on Twitter. “Hopefully things can find a way to recover. Hopefully, this can bring some amount of transparency, trust, and governance to them.”
Photo by: Kanchanara/Unsplash
