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

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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.

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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.



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