Internal memo reveals FTX will raise funds next week


Reportedly FTX crypto exchange is planning to raise funds, to bring its services back to the line & save crypto traders.

At present the FTX exchange’ services are frozen. On one side users can’t trade crypto assets & second side new users can’t sign up for new accounts, unfortunately, bad thanks to the liquidity crisis on this platform following the FTX vs Binance controversy. At this moment only a few crypto assets like TRX, BTT & other Tron blockchain-supported crypto assets trade are allowed on the platform, thanks to the efforts of Tron founder Justin Sun. 

On 10 November, Coindesk reported that the FTX exchange team is planning to hold a fundraising round next week and the raised funds will be used by the exchange for FTX exchange & FTXUS exchange. 

The report also noted that the FTX team may merge FTX & FTXUS exchanges, to emerge as a highly regulated crypto exchange. 

At present, Tron founder Justin Sun is in talks with the FTX exchange team to save the crypto Investors on the platform & fix the situation.

Binance stepped back from FTX

As all of us know very well that the downfall of the FTX exchange started just after the announcement by Binance to sell FTX token holdings but later Binance decided to take the decision back & support the FTX exchange from any kind of possible downfall.

When FTX faced a liquidity crisis then FTX CEO Sam Bankman-Fried (SBF) asked for help from rival company Binance exchange and also urged them to take over the exchange. 

Binance CEO Changpeng Zhao said that he was shocked when the FTX team asked for help and later Zhao announced that he will help FTX exchange.

Today, late in the night, Binance exchange announced that it will not acquire or support the FTX exchange because the situation is out of control, and also FTX exchange is under investigation by the US agencies.

Read also: USDT Slips From $1 Peg value amid FTX liquidity crisis