Binance is not in 'a war' with FTX, co-founder Yi He says

Quick Take

  • Binance co-founder and chief customer service officer Yi He has claimed that it is not in “a war” with FTX.
  • Yi He’s explanation comes after Binance CEO Changpeng Zhao publicly announced that it would be selling its holdings of FTX’s exchange token, FTT.

Yi He, the co-founder and chief customer service officer at crypto exchange Binance, has claimed that the company is not in "a war" with rival exchange FTX.

"Recently, the Portfolio Management team at [Binance] Labs decided to sell FTT based on the risk-control metrics we monitored," Yi He tweeted, adding that the public announcement of such decision reflects that Binance Labs "always respond to what our community asks in a transparent and direct way."

"The point we’d like to stress is that the decision to hold or sell a token depends on one’s own risk appetite and judgement," she added. "Our decision to sell FTT is a pure investment-related exit decision, which has nothing to do with “a war” and we have no intention to engage in drama."


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

The comments come after Binance CEO Changpeng "CZ" Zhao announced the exchange would start selling its holdings of FTX's FTT exchange token — which helped spur a surge of stablecoin outflows from CEO Sam Bankman-Fried's exchange while stoking widespread speculation about the health of both FTX and it's closely associated principle trading firm Alameda Research.

"A competitor is trying to go after us with false rumors," Bankman-Fried tweeted. "FTX is fine. Assets are fine. FTX has enough to cover all client holdings. We don't invest client assets (even in treasuries). We have been processing all withdrawals, and will continue to be."

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Before joining the blockchain and crypto industry, he worked for, and He tweets via @XBT002 and can be emailed at [email protected].


To contact the editor of this story:
Andrew Rummer at
[email protected]