Binance halts FTT deposits, CEO says

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November 13, 2022 2:49 AM EST

FILE PHOTO: Changpeng Zhao, founder and chief executive officer of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessier/File Ph

(Reuters) - Cryptocurrency exchange Binance has stopped accepting deposits of FTX's FTT token on its platform, its chief executive Changpeng Zhao said on Sunday, urging other rival exchanges to do the same.

FTX, which filed for bankruptcy on Friday, was engulfed in more chaos on Saturday when the crypto exchange said it had detected unauthorized access and analysts said hundreds of millions of dollars of assets had been moved from the platform in "suspicious circumstances".

"(Binance) has stopped FTT deposit, to prevent potential of questionable additional supplies affecting the market. We will monitor the situation," CEO Zhao said in a tweet.

"FTT contract deployers moved all remaining FTT supply worth $400 million, which should be unlocked in batches. Not too sure what's going on," he added, in another tweet.

(Reporting by Shubham Kalia in Bengaluru;Editing by Elaine Hardcastle)


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