Binance Has Stopped FTT Deposit

After around $400 million worth of the tokens were distributed ahead of schedule, cryptocurrency exchange Binance banned FTT deposits on Sunday.

The release of huge quantities of FTT tokens occurs regularly according to a schedule for unlocking the tokens. But on Sunday, without prior notice or communication from FTX or connected parties, the tokens were distributed early.

According to blockchain statistics, there were more than 195.8 million FTT tokens issued. The primary deployer address issued these.

Binance CEO Changpeng Zhao noted on Twitter:

“Binance has stopped FTT deposit, to prevent potential of questionable additional supplies affecting the market. Also encourage other exchanges to do the same.”

(This tweet has now been deleted on Twitter)

Supported by Justin Sun, soon later, Huobi Global made the same move.

Currently, the FTX crisis is still going on, the community suspects this exchange is trying to keep user funds after locking withdrawals from the exchange.

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