What is FTX & how does it work?

FTX is a digital currency exchange, a platform where people could buy and sell digital assets like bitcoin, dogecoin and ether. Such platforms rose in popularity in recent years as more people looked to invest in cryptocurrencies without the hassle of dealing with the technical side of such transactions, such as setting up a crypto wallet.

Will Binance & FTX remain independent?

Both Binance.US and FTX.US, the associated American regulated exchanges of the two companies, will remain independent. Bankman-Fried is a major donor to the US Democratic party, and FTX was a top-20 contributor to Joe Biden’s presidential campaign, giving over $5m.

What happened to FTX?

FTX is one of the biggest exchanges where trading those digital assets took place, and was touted by regulators and market watchers as one of the most transparent crypto operations. What sparked the scandal? Initially, the market believed the FTX implosion was the result of an old-fashioned bank run on the exchange's reserves.

Is FTX a safe exchange?

It is supposed to have "safeties" on it that keep it from being traded more than once, track it and secure it against duplication or hacking. FTX is one of the biggest exchanges where trading those digital assets took place, and was touted by regulators and market watchers as one of the most transparent crypto operations. What sparked the scandal?