Main navigation

Another Crypto Exchange Halts Withdrawals on Heels of FTX Collapse: Details

Sun, 11/13/2022 - 13:02
article image
Tomiwabold Olajide
Binance also made move to delist FTT
Another Crypto Exchange Halts Withdrawals on Heels of FTX Collapse: Details
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

As reported by Wu Blockchain, a worrisome drama is playing out on the Hong Kong-based crypto exchange, BitCoke. The issue started when its users reported experiencing difficulty with withdrawals.

BitCoke issued an announcement saying that the person in charge of finance was cooperating with public security in an investigation and could not provide the private key authorization.

Consequently, BitCoke suspended withdrawals on Nov. 13, 1 p.m. Hong Kong time.

The BitCoke exchange case is surprising, as it revealed in May this year that it had raised $20 million in a strategic private round. The financing deal was reached with a group of investors led by the Huobi exchange, which also includes other notable institutions such as Redline DAO, Krypital, LD Capital, Hotbit and several others.

FTX Founder's Billion-Dollar Fortune Goes to $1

A month later, the exchange announced the launch of BitCoke Ventures, its affiliated investment arm, and a $300 million investment fund to foster exchange outreach.

The past week was a chaotic one that saw the collapse of the FTX empire and the ouster of founder Sam Bankman-Fried.

FTX halted withdrawals earlier this week, though certain customers in countries including Turkey, Japan and the Bahamas were still able to withdraw on Friday. On Thursday, the FTX U.S. subsidiary informed users that it might suspend trading soon, but said that withdrawals would not be affected.

Binance delists FTT pairs

Binance, the leading cryptocurrency exchange, announced that it will remove and delist FTT from some of its products — Simple Earn, its isolated and cross margins and perpetual contracts — to protect users.

Binance says it will cease trading FTT pairings with BUSD, USDT and BTC on both cross and isolated margin platforms on Nov. 13 at 11:30 a.m. UTC. Binance Simple Earn will delist FTT from Flexible Products on Nov. 14 at 4:30 a.m. UTC.

Likewise, Binance Liquid Swap will delist FTT/USDT, FTT/BUSD, FTT/BTC and FTT/BNB pairs on Nov. 14; the same holds for Binance Auto-Invest, which will delist FTT on the same date.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.