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FTX suspends addition of new clients, withdrawals

FTX suspends addition of new clients, withdrawals

FTX logo is seen in this illustration taken on Nov 8, 2022. (File Photo: Reuters/Dado Ruvic/Illustration)

FTX on Thursday (Nov 10) suspended onboarding of new clients as well as withdrawals until further notice as hopes of a rescue for the cryptocurrency exchange fade after rival Binance walked away from a deal to bail out the company.

In a message on its website, the company also asked clients to avoid depositing their funds. It was not immediately clear if FTX US, the company's US unit that was not part of Binance's failed buyout, too is included in the latest move.

An FTX spokesperson did not immediately respond to requests seeking comments.

Chief Executive Sam Bankman-Fried has told employees in an internal memo that he was exploring all options to avoid a collapse that analysts have said could trigger a meltdown in the entire crypto industry.

Source: Reuters/yb

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