Binance will withdraw and discontinue trading in FTT/BNB, FTT/BTC, FTT/ETH, and FTT/USDT on November 15, 2022, at 04:30 a.m. (UTC).
According to a recent announcement by the crypto exchange, all trade orders on the trading pairs will be automatically removed once trading in each pair ceases. However, users can still trade the above asset on the FTT/BUSD trading pair.
At #Binance we conduct regular reviews of listed assets to ensure they meet our standards to protect our users.
— Binance (@binance) November 14, 2022
Based on our recent reviews, we will remove and cease trading of several $FTT trading pairs on 2022-11-15 04:30 (UTC):
🔸FTT/BNB
🔸FTT/BTC
🔸FTT/ETH
🔸FTT/USDT
The exchange previously announced the removal of FTT margin trading pairs and FTT perpetual contracts from its platform.
The latest development in one of the darkest periods in the cryptocurrency industry occurred on Saturday when FTX, which had filed for bankruptcy on Friday, was hit by an unexplained outflow of about $662 million in tokens.
Following that, Binance, according to its CEO Changpeng Zhao, has stopped accepting FTX’s FTT token deposits on its platform. Zhao has also advocated for industry regulations.
Binance is forming an industry recovery fund to assist projects that are otherwise strong but are experiencing a liquidity crisis in order to reduce the spiraling adverse effects of FTX.
“Crypto is not going away. We are still here. Let’s rebuild.” Zhao assures the users on Twitter.
To avoid potential losses, Binance advised users to update their trading strategies before discontinuing strategy trading services.
Binance reserves the right, without prior notice, to adjust the tick size (i.e. the minimum change in the unit price) of the FTT trading pair(s) based on market conditions.
Before its recent downfall, FTX appeared to be a savior for many illiquid crypto exchanges. When the crypto markets were struggling due to the Terra crash in May, FTX bailed out lending platform BlockFi in June. Bankman-Fried was also among the bidders for Voyager’s assets and even considered bailing out Celsius.
The FTX collapse shook investors’ confidence and prompted a new selloff in cryptocurrencies. Bitcoin, which had already fallen by more than 70% this year, fell another 12% in just five days.
