Binance Stops FTT Deposits, CEO Says

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(Reuters) – Cryptocurrency exchange Binance has stopped accepting deposits of FTX’s FTT token on its platform, CEO 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 under “suspicious circumstances.”

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“(Binance) has halted the FTT deposit to prevent questionable additional deliveries from affecting the market. We will monitor the situation,” CEO Zhao said in a tweet.

“FTT contract developers have moved all of the remaining $400 million worth of FTT stock to 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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