FTX US Claims Not To Be Affected By The Liquidity Crisis

Binance says it plans to bail out rival FTX. In the face of the liquidity crisis, its subsidiary has affirmed that FTX US is an independent entity and all operations are still running normally.

The US-based subsidiary of crypto exchange FTX.com told Axios it “continues to operate normally“. Any worries about the fate of US customers stemmed from FTX on Tuesday morning announcing that it had agreed to sell to rival Binance amid tight liquidity.

A spokesperson for FTX US shared that withdrawals are working normally on FTX US, assets are fully backed 1:1 and exchanges continue to operate as normal.

“FTX US is a separate organization with separate regulatory staff, technology infrastructure, and licenses.”

As previously updated, FTX has faced over $6 billion in customer withdrawals in the previous 72 hours, causing FTX to temporarily suspend customer deposits and withdrawals.

Faced with the tense situation, US regulators and lawmakers have been monitoring the situation. The Commodity Futures Trading Commission (CFTC) told the press it is keeping an eye on it, but “any regulatory issues are currently unclear.”

“Recent events highlight the need for congressional action.… I look forward to learning. Ask more from FTX and Binance in the coming days about these events and the steps they will take. implemented to protect customers during the transition. “

House Representative Patrick McHenry, a top-ranking Republican on the Financial Services Committee said

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