Binance is liquidating its remaining FTT holdings, according to crypto exchange CEO Changpeng”CZ“.

However, CZ has not clarified the motive behind the liquidation of FTT, the native token of the rival FTX exchange, other than simply stating “recent revelations that have come to light”.

“As part of Binance’s exit from FTX capital last year, Binance received approximately the equivalent of $2.1 billion in cash (BUSD and FTT). Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books. 1/4”

CZ also took to Twitter to publicly announce that the liquidation is not a ploy to shoot FTX.

In response to CZ’s latest move, Alameda’s CEO tweeted that his trading company’s financial health is stronger. He also offered a buyback offer when responding to the Binance CEO’s post.

“@cz_binance, if you’re looking to minimize the market impact on your FTT sales, Alameda will happily buy it all today for $22!”

Binance’s move came after weeks of criticism of FTX founder and CEO Sam Bankman-Fried over his regulatory proposals.

Bankman-Fried published a proposal on October 19, which has become controversial. It is a detailed blueprint for regulatory oversight and industry standards in the digital asset space.

According to critics, Bankman-Fried’s proposal to set industry standards threatens the core ideology of DeFi and threatens the leading DeFi teams and platforms in the space. However, Bankman-Fried has taken a step back to reconsider its stance on DeFi regulation.

The funds held by Binance were received from FTX last year as part of its exit from an equity position in the company, which it had held since 2019.

FTX bought Binance’s stake in the company with a combination of $21 billion of FTT and Binance exchange’s native stablecoin, BUSD, according to CZ.

He added that the settlement would take a few months due to continued negative market sentiment and limited liquidity. In addition, the company aims to conduct liquidity in a way that reduces the impact on the market.

Nonetheless, FTT is down 9.5% over the past day to $23.03 from $25.55, according to CoinGecko.

Data from Etherscan showed that 22,999,999 FTTs, worth $584 million at the time, were transferred from a wallet to the Binance exchange on Saturday. While CoinGecko claimed that the amount is equivalent to 17% of the circulating supply of FTT.

CZ has confirmed that the amount was transferred to funds, which are part of Binance’s move to liquidate its FTT position.

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