FTX will halt the LUNA and UST markets at noon UTC on May 26, 2022. Holders will, however, have an option to receive the new LUNA airdrops during the snapshot time, and the receipt will be subject to certain adjustments. Meanwhile, FTX will go for more suspensions as mentioned below:-
- Deposit & withdrawal of LUNA & UST
- Orders for LUNA/USDT, LUNA/USD, UST/USDT, UST/USD, and UST-PERP
Tokens that will be affected during the migration period are LUNA, UST, C2X, and ANC. FTX will auto-close LUNA and UST’s spot borrowing and lending positions at the 1-hour TWAP price index. UST-PERP will also expire at the 1-hour TWAP of the UST index.
FTX shared the update on Twitter, and details were published on its official website. FTX is a crypto exchange platform that enables professional traders to buy and sell cryptocurrencies. Innovative products offered by the platform are options, derivatives, leveraged tokens, and volatility products.
The focus is now on developing an intuitive platform that makes it easier for first-timers to access and execute a trade. Members behind the idea are well-qualified, coming from a professional background of having experience working at companies like Optiver, Facebook, Jane Street, Google, and Susquehanna.
The talented team is led by Sam Bankman-Fried, the Chief Executive Officer of FTX Exchange. He is supported by the brilliance of Gary Wang, CTO & Founder; Nishad Singh, Head of Engineering; Dan Friedberg, Regulatory Officer; Can Sun, General Counsel; and Constance Wang, Chief Operating Officer.
FTX was incorporated in Antigua and Barbuda. It is headquartered in The Bahamas. Ambitious investors can learn more about the platform through a reliable and research-backed FTX exchange review, especially if they want to get started with crypto trading.
Charity plays a crucial role in supporting the social goal of FTX Exchange. As of now, the platform has donated over $10 million with the assistance of its affiliates & employees. The funds have been utilized to prevent suffering, save lives, and ensure a brighter future for those who have been less fortunate.
Partners to back FTX are Trust Token, Paxos PAX, Fenwick & West, Paradigm Capital, and Ribbit Capital, among many others. A list of services provided by the crypto exchange platform includes:
- Prediction of the market
- Execution of a trade
- Analytics of the data
Services of FTX are unregulated for the residents of the United States of America. FTX deploys security tools to ensure that deposits made to the platform by a user through a credit card are safe.
Retail and institutional traders get a bundle of tools to generate a good amount of profit. With a focus on newcomers, the same tools are expected to be available to everyone irrespective of their background and experience. With its focus marked on the official website, FTX has broken that image to come out as an exchange platform for all.