FTX Token Climbs As Binance CEO Resigns: 'Traders Are Swapping Their BNB For FTT'

FTX's native token FTT (CRYPTO: FTT) surged by 16% in the last 24 hours. The rise comes after the revelation that Binance CEO Changpeng Zhao, also known as “CZ,” is stepping down as part of an agreement with the Department of Justice.

Timeline of Bnb, Ftx-token

The crypto market has witnessed a significant correction of over 2.5% in value within the past day. Bitcoin records a loss of 2.8%, with Ethereum's price back below the resistance level of $2,000. The drop comes following the news of Changpeng Zhao (CZ) officially stepping down as the CEO after pleading guilty to money laundering.

Another bombshell could strike the crypto space, as another major collapse is on the horizon. The crypto space was slaughtered hard soon after one of the major exchanges collapsed in 2022. History may repeat itself as another major and bigger exchange, Binance, is in play at the moment.

What Happened To CZ? In breaking news, CZ steps down as the CEO of Binance and pleads guilty to violating anti-money laundering requirements in Seattle. With this, Binance will now officially pay $4.3 Billion in criminal charges, one of the biggest in US history.

Binance Coin (BNB) price has tumbled 10% from $267 to $240 as markets Binance Founder Changpeng Zhao's exit. Derivative Market analysis provides vital insights into possible BNB price action for the days ahead.

FTT, the exchange token launched by the now defunct cryptocurrency trading platform FTX, has experienced a significant 200% surge in value over the past two weeks, surpassing the $3 per unit mark. Ranking as the fifth largest exchange coin in terms of market capitalization, FTT stands below prominent counterparts like BNB, LEO, OKB, and CRO.

FTT, the native token of defunct cryptocurrency exchange FTX, has surged by 90% following comments from SEC chairman Gary Gensler in relation to a potential reboot of the exchange that collapsed one year ago.

The market has experienced a short squeeze in value as the industry has witnessed a jump of over 3% within the past day. Bitcoin has surpassed $36,000 for the first time this year.

In a recent report by Messari, the analysis sheds light on the developments and challenges faced by Binance Chain (BNB), the blockchain created by Binance, the world's largest cryptocurrency exchange regarding trading volume. The report highlights the separation of BNB Chain from Binance and various events and allegations that have impacted Binance and its associated entities throughout the third quarter of 2023.

Binance, one of the world's leading cryptocurrency exchanges, has successfully completed its 25th quarterly burn of BNB (Binance Coin). This burn represents a key step in Binance's strategy to gradually reduce the total supply of BNB, thereby contributing to maintaining the health of the BNB Chain ecosystem.

Binance Coin (BNB) has turned green after a brief bear market after Biannce announced the completion of the 25th quarterly BNB Burn. The burn is part of Binance's Auto-Burn Protocol.