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FTX Sees Rise in Withdrawals as Binance Plans to Sell FTT Coin

  • FTT, Solana among tokens falling after Binance announcement
  • FTX is ‘churning through’ Bitcoin withdrawals, exchange says

Sam Bankman-Fried’s crypto exchange FTX experienced an increase in withdrawals after competitor Binance Holdings Ltd. announced plans to divest its entire holding of FTX’s native FTT token. 

Reserves of stablecoins on FTX dropped to $114 million on Monday from $394 million three days earlier, according to data from CryptoQuant. Hourly withdrawals of Ether, the second-biggest cryptocurrency, also rose sharply on the exchange, CryptoQuant data showed.