Binance has announced that it is selling the remaining FTX token (FTT) holdings on its books as the cryptocurrency exchange looks to raise cash and shore-up its finances.
Binance did not say how much FTT it will sell. However, the exchange received roughly $2.1 billion U.S. worth of FTX token last year as part of its exit from FTX equity.
Alameda Research, which is owned by FTX head Sam Bankman-Fried, has stepped up as a possible buyer of the FTX token Binance is selling.
Over the weekend, Alameda said it would buy the FTT token holdings Binance is selling for $22 U.S. each.
The price of FTT declined 14% over the weekend to $22.02 U.S., its lowest price since June of this year, according to CoinMarketCap.
Binance said that the sale of its FTT holdings should not be interpreted as a sign of financial trouble at the crypto exchange, noting that it has held its FTX token position for a long time.
Binance has not said whether it will sell its FTX holdings to Alameda Research.
