Binance signed a letter of intent to acquire the firm, with due diligence to follow, to ensure that customers could recover their assets from FTX in a timely manner, but Binance withdrew its offer the next day, citing reports of mishandled customer funds and U.S. FTX was unable to meet the demand for customer withdrawals. Following this revelation, rival exchange Binance's CEO Changpeng Zhao announced that Binance would sell its holdings of the token, which was quickly followed by a spike in customer withdrawals from FTX. Public concern began when a November 2022 CoinDesk article stated that FTX's partner firm Alameda Research held a significant portion of its assets in FTX's native token (FTT). Since November 11, 2022, FTX has been in Chapter 11 bankruptcy proceedings in the US court system. FTX is closely associated with FTX.US, a separate exchange available to US residents. FTX is incorporated in Antigua and Barbuda and headquartered in the Bahamas. The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang and, at its peak in July 2021, had over one million users and was the third-largest cryptocurrency exchange by volume. FTX Trading Ltd., commonly known as FTX (short for "Futures Exchange"), is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund.
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