Binance won't be doing OTC deal with Alameda
Binance won't be doing OTC deal with Alameda

Binance won’t be doing OTC deal with Alameda

The founder of Binance has announced in his recent tweet that he won’t be selling his FTT tokens in the form of an over-the-counter deal to Alameda Research, which is the sister company of FTX. Into the recent controversy of FTX, in which it is considered that FTX is involved in its sister company, Alameda Research. The founder of Binance Changpeng Zhao recently twitted that he is not in any position interested in the process of layout out the FTT token shares through the transaction of over the counter deal process to Alameda Research.

Binance won't be doing OTC deal with Alameda
source : cryptotimes.io

It was revealed in a recent conversation that the CEO of Alameda Research Caroline Elison announced it publicly that her company is willing to be purchasing all the FTT tokens which were mentioned by the Binance CEO to be offloaded in the next few months. Binance is planning to offload these tokens from its exchange platform.

The CEO of Alameda Research also announced that her company can buy each FTT token for $22 per FTT token. This move was taken by the CEO of Alameda Research to eliminate the market liquidation impact on the FTT tokens and the cryptocurrency market.

This purchase proposal by Alameda Research was denied by the CEO of Binance stating that they will go with the original plan. As per the previous and original plan the company, Binance wants to sell its FTT token share into the market in the next few months instead of a quick sale. The company wants to roll out the offloading of tokens through a systematic market liquidation process with this approach of offloading and systematic sale of FTT tokens.

After the recent controversy of Alameda Research, Binance decided to exit all of its FTT tokens from the cryptocurrency exchange platform Binance, The company Binance has decided to work on that factor of the recent controversy of FTX involvement in Alameda Research.

Binance won't be doing OTC deal with Alameda
source : cryptotimes.io

This is also seen as a competitive move by Binance against other cryptocurrency platforms and FTX in the market. The recent Revelations of Binance offloading all of its tokens from the exchange platform have majorly impacted the cryptocurrency platforms and the FTT tokens were down by 10% in its value.

These announcements also impacted cryptocurrency withdrawal from the FTX cryptocurrency exchange platforms and the retail customers acted in panic mode with multiple withdrawals from the FTX platforms for all the cryptocurrency investments at the FTX platform.

Also, Binance for able to receive a huge amount of inflow of cryptocurrencies from the FTX platforms as a part of crypto investor’s safety measures at the cryptocurrency investments against the FTX platform.