Binance founder Changpeng Zhao tweeted that Binance received roughly $2.1 billion in cash (BUSD and FTT) as part of its exit from FTX last year. Due to the recent revelations, we have decided to liquidate any remaining FTT on our books. He also said it will try to do so in a way that minimizes market impact. This is expected to take several months to complete due to market conditions and limited liquidity.

Changpeng Zhao also said that this did not appear to be a move against a competitor. “Our industry is in its infancy, and every public failure of a project hurts every user and every platform. We typically hold tokens for the long term. We have held FTT for so long, and we are transparent about our actions.