Binance to Sell $529 Million of Bankman-Fried’s FTT Tokens

Zhao Changpeng, chief executive of the world’s biggest cryptocurrency exchange Binance, said on Twitter that he has decided to sell all remaining FTT tokens.

FTT is the coin of billionaire Sam Bankman-Fried’s FTX, the rival cryptocurrency exchange that Binance used to hold a minority stake in. When Binance exited that investment last year, it received $2.1 billion in Binance USD and FTT coins, the remainder of which it has decided to unload, Zhao said, citing “recent revelations that came to light.”

Binance holds about 23 million FTX tokens, worth about $529 million at current prices, according to a ...