According to Coinranking, Binance is the world's largest crypto exchange by 24-hour trading volume, with FTX ranking as third.

Binance will start liquidating its remaining FTT tokens, the native token of FTX. The sale may take a few months to complete, founder Changpeng Zhao said.

Some investors are concerned that tensions between Binance and FTX, two major cryptocurrency exchanges, will weigh on the digital asset market, which has already seen price volatility this year.

Still, some analysts are concerned that the tensions between the two crypto exchanges will spill over into the market, given that the relatively young industry has already seen the demise of several major players this year, including blockchain Terra, crypto hedge fund Three Arrows, lender Celsius, and digital asset broker Voyager. According to CoinDesk data, Bitcoin BTCUSD, -2.01% has lost more than 55% of its value this year.

"Tensions between Binance and FTX may raise questions about the financial health of Alameda Research and FTX," said Kevin March, cofounder of Floating Point Group. “There could be a potential market retracement in the interim. The possibility of short-term profit-taking, coupled with the FTX FUD (fear, uncertainty and doubt) and the incoming CPI (consumer-price index) print from the U.S., could likely spook the market,” March said.

According to CryptoQuant data, FTX reserves hit a yearly low on Monday, indicating low buying pressure. On Monday, the FTT token reserve across all exchanges reached an all-time high. Nonetheless, FTT rose 0.1% in the last 24 hours to around $22.38.

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