Hacker News new | ask | show | jobs
by dibt 1312 days ago
No, you should not. It's an exchange token. It's meant to be used as collateral for your trading, instead of USD, BTC, etc. It incentivizes this by giving you reduced exchange fees based on how much FTT you own.
1 comments

Huh. Why would the exchange want to encourage me to hold their token instead of non-associated crypto?
I honestly can’t tell if you’re being sarcastic…

In the case of FTX: fraud. They were giving people a useless token for tokens that had value elsewhere.

With Binance, you could make the case you own equity in the exchange, but that could have the same outcome as FTX.

It’s worth noting these types of tokens aren’t permitted on US-based exchanges. Likely because they are the most obvious unregulated securities (more so than other tokens).