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Binance Removes FTT Trading Pairs Following FTX Bankruptcy
Following the collapse of FTX, the world’s leading crypto exchange Binance has disclosed that it would remove trading pairs for FTX native token FTT except with stablecoin BUSD as per a post.
At #Binance we conduct regular reviews of listed assets to ensure they meet our standards to protect our users.
Based on our recent reviews, we will remove and cease trading of several $FTT trading pairs on 2022-11-15 04:30 (UTC):
?FTT/BNB
?FTT/BTC
?FTT/ETH
?FTT/USDT— Binance (@binance) November 14, 2022
In the same vein, the company announced that all margin pairs, future contracts, and Binance Flexible Products for FTX’s native token have been delisted from the exchange.
Recall that the FTT opened in November with about $22 per token but has embarked on a free fall into the murky red water as a result of the liquidity crunch by FTX exchange.
At the time of writing, FTT is close to $1 as it is exchanging hands at $1.87 according to data from CoinMarketCap.
Binance asserted that the decision to delist will take effect today, Nov. 15; hence, users are urged to make necessary adjustments and close their positions to avoid possible loss.
The exchange maintained that the decision was taken in line with his regular reviews of listed assets with a view to ensuring that standards are maintained and users are protected.
Meanwhile, users will still be able to trade FTT tokens only with Binance’s stablecoin, BUSD.
Earlier, there was a claim that Binance shortened FTT, but it was later denounced by Binance CEO Chanpeng Zhao (CZ), who revealed that the company never made such a move.
Binance Expresses Commitment to Rescue Crypto Market
While Binance on Nov. 6 disclosed that it will liquidate almost 23 million FTT, worth approximately $584 million at the time, the exchange revealed that it has stopped selling after receiving a crucial call from SBF.
Full disclosure: Binance never shorted FTT. We still have a bag of as we stopped selling FTT after SBF called me. Very expensive call. https://t.co/3A6wyFPGlm
— CZ ? Binance (@cz_binance) November 14, 2022
Therefore, CZ revealed during AMA on Monday that its exchange is also at a loss, as it has a reserve of FTT.
Meanwhile, he asserted that Binance is ready to ameliorate the cascading negative effects of FTX on some projects by setting up an industry recovery fund to cover up the liquidity crisis.
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
— CZ ? Binance (@cz_binance) November 14, 2022
He equally expressed readiness to partner with other industry players, who are willing to co-invest.
