Bitcoin and ether began the business day in Asia in the red. ALSO: Centralized exchange tokens' gains are an unlikely story given the problems with FTX's FTT token. What's next? thesamreynolds reports.
Exchange tokens are also following this trend and have posted double-digit growth during the last month. Binance’s BNB,Normally this wouldn’t be much of a surprise, since the rise of these tokens correlates with an increase in volume on exchanges. Right now, it’s a healthy, vibrant market, and exchange token prices reflect this.
"If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings," the SEC wrote in its complaint."The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.
This could describe many – but not all – of the exchange tokens on the market. And because Ellison has to cooperate with law enforcement, the SEC’s claims were not contested. When this was unsealed in December, it should have been a day of reckoning for the exchange token sector.“The native token was never a big part of our business or treasury.
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