FTX Exchange!
FTX is popular crypto exchange and has been the focus of discussion for the past few years. This exchange was originally a centralized exchange site. This exchange site was considered to be the third largest crypto exchange site in the world. But the founder and former CEO of FTX was later accused of stealing customer deposits and accused and convicted of defrauding investors. It was an exchange site that was centralized and the very motive behind its establishment filed for bankruptcy protection in the United States.
This leading centralized cryptocurrency exchange site specializes in spot market, derivatives, options, volatility and leveraged products. FTX Exchange had two trading options. One of them was International Bahamas-based and the other was FTX US based. FTX US based platform was only US based and only US citizens could trade on it. The former FTX CEO was indicted in New York federal court last November on fraud charges, as well as felony charges of conspiracy and money laundering. He is also charged with fraud and bribery, in addition to conspiracy or money laundering, and is due to go on trial next year and could face up to 110 years in prison under US law.
This exchange site had reasonable trading fees compared to other exchanges. Also it was user-friendly mobile app for users. This popular exchange site had a wide range of trading opportunities for investors in hundreds of coins and tokens. This exchange site also had affiliate link programs with referral incentives, such as 25% to 40% new user fees, depending on the amount of FTT tokens. The amount of this fee was again reduced based on the VIP program exchange volume.
It was not approved in the US and also excluded US residents from the global platform for centralized and regulatory reasons. It was alleged that it was involved in making false and misleading statements in violation of the strict regulations governing US financial securities, even as the US financial securities regulator was told to violate such terms and refrain from making false and misleading statements. FTX was later convicted of conspiracy to engage in fraudulent activities including money laundering.
All in all FTX was a globally leading centralized cryptocurrency exchange site. It is now bankrupt but investors or traders could trade normally using this exchange site before it went bankrupt and its executives were found guilty. Spot, derivatives and leveraged trading for collecting cryptocurrencies and NFTs was even easier on this exchange site.
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This crypto exchange is bankrupt as on date but looks like it is coming back because there are some discussions as per the news and the company is trying to cancel its bankruptcy and reorganise its company structure.
Such a popular site going away is bad for investors so hope it comes back well and recovers investors' losses . Thanks
Just imagine if FTX comes back! So how much better for Crypto Currency!
If it bounces back it will really bode well for crypto investors.