PrimeXBT Is In A Strong Financial Standing Amid The Market Turmoil

Twitter icon  •  Published 1년 전  •  Hassan Maishera

Cryptocurrency exchange PrimeXBT has assured its customers that their funds are safe following the collapse of FTX.

Cryptocurrency exchange PrimeXBT has assured its customers that their funds are safe on its platform. The company gave this assurance a few days after the FTX exchange collapsed.

FTX, a leading crypto exchange, filed for bankruptcy last week. The bankruptcy filing came after reports leaked that the exchange was using customer funds for other investments.

With FTX collapsing, several crypto companies began to assure their users that their funds were safe. In a tweet over the weekend, PrimeXBT told its customers that their funds are safe as it doesn’t use their money for its personal trading.

PrimeXBT said;

“PrimeXBT does not use tokens as collateral for FIAT money credit lines (the main reason for the fall of FTX). Clients' Assets Under Management (AUM) are not used as collateral. PrimeXBT maintains a strict separation of client and company money.”

The crypto exchange added that it doesn’t prop trade company or client funds, and it holds and builds an insurance fund. 

“We hope this brings more clarity and comfort to our valued users. We continue to strive to maintain the highest security and sustainable business practices in the industry,” PrimeXBT added.

Reviews of PrimeXBT have praised it for its low fees and high liquidity.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.