Plaid Blocks FTX US Because Of Reports Concerning User Data

As of around 6:30 am UTC on November 12, according to a statement from Plaid, FTX’s use of its products has been suspended. As a result, FTX is no longer able to access any financial data through the company.

In the case of FTX US, users can enable FTX US clients to link their bank accounts to the FTX app using the company products. FTX US would then be able to ask for payments to be handled by the ACH network as a result.

Previously, Plaid claimed that the suspension was brought on by alarming news stories, however, it was noted that there is presently no proof that the company has been a vector for illegal conduct.

Twitter users started claiming on November 12 that FTX US had tried to get into their accounts using Plaid. There have been no instances of money being taken away as of yet; reports solely point to the users’ info having been viewed.

A fintech business called Plaid makes it easier for consumers’ banks and credit card companies to communicate with financial services applications.

Plaid further stated that some of these access requests could be a component of its routine automatic financial information checks.

It has also reaffirmed that FTX has not been able to access any information from accounts since access has been suspended.

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Harold

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