In an explanation on Twitter, Binance exchange co-founder and head of customer service Yi He stated that Binance is not at war with FTX and has no intention of getting involved in drama.

Following the announcement by Binance CEO Changpeng Zhao, or CZ, that the exchange would begin selling FTX’s remaining holdings of FTT exchange tokens, rumors have been circulating stating that both exchanges may be fighting each other.

The speculation started to look real, specifically when FTX CEO Sam Bankman-Fried took to his Twitter and said,

“A competitor is trying to come after us with false rumors. FTX is fine. Assets are fine. FTX has enough to cover all customer holdings. We don’t invest in customer assets (not even Treasuries). We have been processing all withdrawals and will continue to be.

As a result, on Monday, Binance co-founder Yi He decided to set the record straight. Yi He tweeted: “Recently, the Portfolio Management team of [Binance] Labs decided to sell FTT based on risk control metrics that we monitor.” He added that a public announcement of such a decision demonstrates that Binance Labs “always responds to questions that our community asks in a transparent and direct manner.”

In short, Yi He concluded“The point we would like to emphasize is that the decision to hold or sell a token depends on one’s own risk appetite and judgment. Our decision to sell FTT is a purely investment-related exit decision, which has nothing to do with with “a war”, and we have no intention of participating in the drama”.

Speaking of Binance, the exchange has been dabbling in different sectors of the industry in recent months. Last month, CZ revealed in an interview with Bloomberg his plan to consider buying banks for $1 billion.

Although CZ did not specifically disclose the targets, it stated that it was open to minority investments or outright acquisitions. Zhao also pointed out that investment banking is a reasonable strategy for Binance because when partnering with banks, Binance usually attracts many new users, which will also boost the bank’s valuation.

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