Hassan Maishera
TL;DR
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FTX is planning to restart its crypto exchange for international customers soon.
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The cryptocurrency exchange went bankrupt in November 2022, with the bankruptcy case still in court.
FTX To Restart Its Crypto Exchange Soon
Defunct crypto exchange FTX is planning to relaunch its cryptocurrency exchange for international customers soon.
According to a filing on Monday, FTX wants to organize its creditors into different classes of claimants and is seeking one class of claimants to restart the FTX exchange with third-party investors.
If the proposal is accepted, the cryptocurrency exchange wants to restart FTX.com, its international platform. The cryptocurrency exchange will be available to traders and investors outside the United States.
The group added that if FTX.com’s launch is successful, it will plan to relaunch FTX.US, its United States subsidiary.
Furthermore, international customers of FTX.com will be given the option to pool their assets to create what it terms as an “offshore exchange company” or a rebooted platform that is only available to international customers (customers outside the United States).
The document stated that;
“Rather than all cash, the Debtors may determine that the Offshore Exchange Company remit non-cash consideration to the Dotcom Customer Pool in the form of equity securities, tokens or other interests in the Offshore Exchange Company, or rights to invest in such equity securities, tokens or other interests. The debtors could forgo a cash payout for a stake in the new exchange.”
This isn’t the first time the FTX team have suggested the possibility of relaunching the cryptocurrency exchange. Interim CEO John Ray III revealed in May that they are planning an FTX restart” or a “2.0 reboot”.
Prior to its bankruptcy, FTX was one of the top five cryptocurrency exchanges in the world. However, it went bankrupt last year due to gross mismanagement of customer assets by founder and CEO Sam Bankman-Fried.
