FTX Plans to Restart Its Platform for International Customers

FTX, a bankrupt crypto exchange, proposed its plan to restart the exchange for international customers.

FTX Plans to Restart Its Platform for International Customers

Bankrupt cryptocurrency exchange FTX has unveiled a proposed plan aimed at relaunching its platform for international customers.

As per the filing by bankruptcy administrators, the reorganization strategy involves the creation of distinct classes of claimants, providing a pathway for a specific class to revive FTX.com in partnership with third-party investors. The proposed plan will divide beneficiaries into separate groups based on their respective interests.

As per CoinDesk, the plan categorizes beneficiaries into distinct groups. The first category, termed "Dotcom clients," comprises beneficiaries of the FTX.com offshore exchange. Subsequent groups include customers of the US stock exchange and NFT exchange, followed by general unsecured receivables, secured receivables, and subordinated receivables, which encompass fines from taxes and penalties.

The key proposal in the plan is for "dotcom clients" to combine their assets and establish a new offshore exchange company, effectively relaunching the FTX platform, where the newly formed exchange will exclusively serve offshore customers and will not cater to customers in the United States.

Claimants have the choice to receive non-cash payments, such as stocks, tokens, or shares in the new exchange, instead of cash payments, granting them a stake in the relaunched platform.

The proposed plan excludes any payments to holders of the FTT token. As a consequence of the US Securities and Exchange Commission (SEC), which had previously classified the FTT token as a security. As per the plan's terms, FTT requests will be canceled and released after the plan's effective date.

Share Tweet Send
You've successfully subscribed to CCnews24
Great! Next, complete checkout for full access to CCnews24
Welcome back! You've successfully signed in
Success! Your account is fully activated, you now have access to all content.