FTX Us May Suspend Trading on Its Platform

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Last Updated on November 11, 2022 by Bitfinsider

In a lengthy apology, Sam Bankman-Fried, the CEO of FTX and also known as “SBF,” informed the crypto community that the latest turn of events would solely impact FTX worldwide. According to him, “FTX US, the US-based exchange that welcomes Americans, was not monetarily affected by this shitshow.” He reassured customers that FTX US was “100% liquid” and that “any user may withdraw in full (subject to gas expenses, etc.).”

However, many are beginning to question the veracity of his claim, as a new announcement on the website of FTX US is causing people to raise their eyebrows. According to a banner at the top of FTX US’ website, “trading may be discontinued on FTX US in a few days.” The notification advised exchange users to “please close down any holdings” while assuring them that “withdrawals are and will remain open.”

Days ago, Binance CEO Changpeng “CZ” Zhao indicated that his exchange would liquidate its FTX Token holdings, which prompted FTX International’s liquidity concerns.

holdings. CZ’s announcement practically triggered a bank run, with users of FTX attempting to withdraw funds only to find that the exchange lacked sufficient liquidity to fulfill the demand.

In the last week, it was also reported that Bankman-Fried called investors to inform them that the exchange need $8 billion in emergency cash to satisfy withdrawal requests and was seeking to raise between $3 and $4 billion.

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