Crypto exchange FTX may file bankruptcy after rescue buyout pulled

Chicago, Nov. 9 – FTX Trading Ltd. may seek bankruptcy protection soon, joining other cryptocurrency exchanges navigating the process, according to information in Tweets from chief executive officer Sam Bankman-Fried.

The exchange put up a notice on its website on Wednesday that it is “currently unable to process withdrawals. We strongly advise against depositing.”

On Tuesday, it was announced, via Twitter, that rival Binance might provide a rescue buyout of the company.

Binance reported on Twitter that “after corporate due diligence, as well as the latest new reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.”

A further note said that FTX’s issues were beyond Binance’s control or ability to help.

The exchange has headquarters in The Bahamas.

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