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FTX chief executive addresses user withdrawal complaints amid token sell-off

By Alara Jordan

Edited by Charlie Mellor

16:40, 7 November 2022

The FTX logo on a smartphone, which is in front of a computer screen also displaying the FTX name and logo
CEO Sam Bankman-Fried took to Twitter to assure users FTX was doing “just fine” – Photo: Shutterstock

Several FTX users took to Twitter on 7 November to claim they are unable to complete successful withdrawals from their account, just days after Binance made headlines that the company will offload the entirety of its holdings of the ftx token (FTT), the native token of the crypto exchange FTX.

FTX quickly addressed the claims on Twitter by reassuring its users that the platform was “running smoothly”.

It added that although it was “churning through” its bitcoin (BTC) withdrawals, its node throughput was limited: “We’re switching it to process from both ends, which should help speed it up.”

FTX also claimed that it is still processing stablecoins due to the banks being closed over the weekend: “USD stablecoin creations/redemptions might be slower until wires clear tomorrow, especially for some coins/chains.” 

FTT to USD

FTX CEO: ‘Assets are fine’

FTX chief executive officer Sam Bankman-Fried also addressed the complaints circulating around the platform’s withdrawal feature through his own personal account, but first began by thanking users who have supported the cryptoasset platform. 

BCH/USD

505.05 Price
+4.180% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

XRP/USD

0.54 Price
+4.370% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

DOGE/USD

0.16 Price
+6.150% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

69,687.95 Price
+5.050% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

Bankman-Fried said: “A huge thank you to everyone who has supported us – we're excited to keep climbing together. And especially to those who stay level headed during crazy times. We deeply appreciate it.”

While claiming that FTX's assets “were fine”, Bankman-Fried also alluded to a competitor spreading false rumours about the exchange, before emphasising the importance of building up the crypto space.

Despite what looks like an ongoing fued between FTX and Binance, Bankman-Fried added that he respected the work of many in the industry, including Binance CEO Changpeng ‘CZ’ Zhao, who 24 hours earlier Tweeted that Binance’s move away from FTX came as a result of “recent revelations that came to light.”

There were mixed responses on Twitter, with some users stating that they were still unable to access their funds on FTX after several hours of withdrawal attempts. Others claimed that they didn’t have issues with the feature.

At the time of writing, the price of FTT was trading at around $22.79 on 7 November, up 2.8% in the last 24 hours.

Markets in this article

BTC/USD
Bitcoin / USD
69687.95 USD
3344.1 +5.050%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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