Binance Removes FTT Pairs After FTX Bankruptcy, But Maintains A

Binance, the world’s largest cryptocurrency exchange, announced at dawn on Monday (14) that the FTT/BNB, FTT/BTC, FTT/ETH and FTT/USDT pairs have been removed from its platform.

According to the announcement, the removal will take place next Tuesday (15). The reason is the bankruptcy of FTX and the money scandals of Alameda Research, another company founded by Sam Bankman-Fried.

Despite everything, Binance chose to leave the FTT/BUSD trading pair active. However, as the FTX token has lost its usefulness, it is quite possible that this last pair will suffer the same fate as the others above.

Binance was already dissatisfied with FTT

FTX’s troubles started shortly after CoinDesk published an article on Alameda Research, noting that the company’s money founded by Sam Bankman-Fried in 2017 was mostly FTT, and that number exceeded the number of tokens in circulation.

With the news, Binance CEO Changpeng Zhao claimed that his company would liquidate all the FTT it had invested in, comparing FTT to LUNA, a cryptocurrency that went bankrupt a few months ago.

With Zhao’s warning, the community rushed to withdraw their cryptocurrencies from FTX and to the surprise of almost everyone, the SBF brokerage was found to be insolvent, that is, unable to honor its clients’ withdrawals.

A few days later, SBF stepped down as CEO of its brokerage firm and FTX filed for bankruptcy. Other bizarre events in the aftermath also attracted community attention, such as a possible billionaire hack and the bribing of FTX employees.

Binance removes four currency pairs from FTX

Due to the above events, Binance has decided to remove four pairs from FTT, a cryptocurrency issued by FTX. The removal will take place this Tuesday (15) at 10:30 AM Brasília time, as the official announcement states.

“At Binance, we regularly conduct reviews of publicly traded assets to ensure they meet our standards to protect our users. Based on our recent analysis, we will remove and stop trading several FTT trading pairs on 11/15/2022 at 04:30 (UTC): FTT/BNB, FTT/BTC, FTT/ETH and FTT/USDT.

In any case, Binance has chosen not to remove the FTT/BUSD pair. That is, Binance customers can still sell or buy the token from their bankrupt rival.

Currently, each FTT is trading at $1.46, leaving the cryptocurrency still with a market cap of $500 million even with FTX going bankrupt. At the top, each FTT was trading for $85, but it looks like it will soon be zero.

Source: Live Coins