The Binance vs. FTX story is the top development in the crypto community right now. Everyone is excited to see where it will eventually go. Thankfully, it is turning out to be a great outcome, albeit a bit funny and ironic considering how the CEO of Binance acted in his tweets about FTX during the weekend.
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Binance Liquidates All The FTX tokens
Over the last weekend, the crypto community saw two major crypto exchanges feud and decide to make up with each other. Calling the truce in Binance vs. FTX sage a sensational development would be an understatement. CZ, the CEO of Binance Changpeng Zhao is commonly referred to, announced the acquisition of FTX.com via a tweet on Tuesday, November 8th.
This came in just days after the company announced that it would liquidate all the FTX tokens (FTT) they had held. The fact that CZ called the acquisition of Sam Bankman-Fried’s (also known as SBF) FTX “help cover the liquidity crunch” just made it funny and ironic.
SBF was later found thanking CZ via a tweet that said that this acquisition is “a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem and creating a freer economic world.”
4) A *huge* thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.
— SBF (@SBF_FTX) November 8, 2022
Looking back at the Binance vs. FTX events, the original cause of the feud was a tweet that CZ made on November 6th. He wrote then, “due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books.” The lack of details about the revelations instantly turned it into an issue.
Binance had already offloaded about 23 million FTT tokens in the exchange’s equity last year, which provided a payout of $2.1 billion. CZ also said that they would be offloading their FTT token holdings gradually over several months “in a way that minimizes market impact,” as the tweet said.
Is FTT Health at Risk?
One of the key developments in the Binance vs. FTX story is the investigation into Alameda Research. People in the crypto community have been rightfully concerned about the FTT token’s health ever since the investigation into Alameda Research’s books found some exciting revelations. The fact that they are stocked full of FTT tokens (both assets and liabilities) is not a huge concern. However, the ownership of the two platforms made things a bit worrying. Both FTX.com and Alameda Research belong to the same person: Sam Bankman-Fried.
SBF also faced significant backlash from the crypto market for suggesting regulations that could kill DeFi. This did make things worse for FTT, as even CZ took a swing at SBF for his violent lobbying tactics.
What is FTX? Who Owns It?
After the recent Binance vs. FTX events, many people are curious about FTX’s background. FTX is a centralized cryptocurrency exchange founded by Sam-Bankman Fried in 2018. Fried is an MIT graduate with a degree in physics. He used to be an international exchange-traded funds trader at Jane Street Capital. He has had experience trading multiple currencies, futures, ETFs, and equities. Sam also designed the automated OTC trading system for Jane Street.
Where Is FTX Registered?
FTX is registered in the Bahamas and the US and has overlapping management but different capital structures. Anyone residing in the US can only trade through their US-based entity. FTX allows users to trade more than 300 crypto trading pairs, including all the popular cryptos. The exchange mainly specializes in derivatives and leveraged products. You can find spot markets, MOVE contracts, options, leveraged tokens, and futures on FTX. The exchange also supports nine fiat currencies.
The platform offers both desktop and mobile-based trading options with a dedicated app. The system is built in such a way that it attracts both newbie investors as well as whales with extensive asset holdings.
FTX Token. Briefly About FTT
FTT is a token created by FTX exchange during an Initial Exchange Offering (IEO) on their website. It is currently one of the hottest commodities on the crypto trading market. With under 30,000 addresses holding this token, it is undoubtedly the only cryptocurrency. FTT gained a market capitalization of more than $3 billion in just three years. It is more than enough proof of its legitimacy and exclusivity for any crypto trader.
Being created by the same people who own the FTX exchange makes it quite valuable in many ways. The exchange has offered many benefits to people who own more than a certain amount of FTT tokens, including trading discounts. Crypto is also great for trading on the exchange when dealing with pairs and other cryptos. This exclusivity and placement have allowed it to rise in value quickly. By now, the FTT token has become the 21st largest crypto in existence by market capital.
The most significant rise in its value comes directly from trading on the FTX exchange, as holding FTT tokens brings many benefits for users. This automatically forces users to trade in FTT, increasing the crypto’s capital value.
What Alternative to FTX Crypto Exchange?
With the potential for an unstable looming over the FTX exchange after the Binance vs. FTX saga, many people are looking for an alternative platform to trade on. One such option is the SimpleFX Crypto Exchange Platform. This platform is currently on the rise for its incredible services, with more than 200,000 traders using it in 190 countries. The SimpleFX Crypto Exchange Platform allows you to use crypto and fiat currencies to trade commodities, precious metals, indices, and forex.
SimpleFX Crypto Exchange Platform – How It Works?
SimpleFX Crypto Exchange Platform offers a powerful trading tool that provides a fast and reliable trading experience. Whether you are using it on a desktop or mobile, the experience is seamless. The extensive work that has gone into perfecting the UI and UX.
SimpleFX Crypto Exchange Platform does not require any minimum deposit value, and deposits are also free of cost. Charges for withdrawals vary depending on the method being used. The account opening process is also quite simple, and EACH live account gets a $2,500 first deposit bonus. Also, there are promotions all year round to facilitate the traders.
Instead of wandering in the dark over Binance vs. FTX situation, choose a proven alternative to FTX. Join the proven crypto exchange platform.