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FTT runs into more trouble as these major exchanges announce delisting plans

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  • Binance and KuCoin have announced the delisting of trading pairs for FTT
  • FTX exchange encounters more troubles as investigation begins in the Bahamas

On 14 November, the trading platform Binance announced that it would soon delist certain trade pairings using the FTT token. This statement was backed by KuCoin as well. The announcement was not surprising, given the current scenario around FTX‘s exchange and its native coin. 

In a related development, KuCoin also announced the delisting of the coin via its Twitter account. It specified in its formal announcement that the FTT/USDT perpetual contract would be delisted on 14 November.

Binance declared that it would delist FTT trading pairs such as FTT/BNB, FTT/BTC, FTT/ETH, and FTT/USDT. The delisting would begin on 15 November. However, the FTT/BUSD combination was still going to be offered, according to the exchange.

FTT in hot waters in the Bahamas

In a statement on 13 November, The Royal Bahamas Police Force said that financial investigators and the Bahamas securities regulators were looking into allegations of criminal activity related to FTX’s collapse. Furthermore, the probe was instigated by the regulator’s public denial of FTX’s claims over the weekend.

On 10 November, FTX tweeted that the “Bahamian HQ’s regulation and regulators” had allowed the company to withdraw Bahamian funds. The securities commission refuted this claim by FTX on 11 November and stated that it had given no instructions nor allowed FTX to prioritize withdrawals for customers in the country.

Kraken adds more pressure

Kraken, a cryptocurrency exchange based in the United States, had also announced that it cooperated with authorities and froze the accounts of FTX Group, Alameda Research, and their management. In a tweet on 13 November, Kraken confirmed that these accounts were suspended to protect the company’s creditors.

FTT dip continues with little gains

FTT lost nearly 95% of its value since the news of FTX’s bankruptcy first broke, according to a study of the asset in the daily timeframe. The coin lost 75% of its value when the slump began on November 8, according to the chart, and the subsequent dips reached double digits.

At the time of writing, the token was trading for about $1.50, a decrease from its initial value of over $25.

Source: TradingView

The FTX saga has been going on for the past week, and there seem to be fresh developments every day. Every alteration surrounding the exchange raises the possibility of the opening of additional Pandora boxes, and the crypto community can only prepare for the consequences. However, FTT holders can only be optimistic because it doesn’t yet appear that an end is in sight yet.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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