FTX, the financially troubled cryptocurrency exchange, has brought its website back online after intermittent downtime. The trading platform now has a sign confirming that withdrawals have stopped and advising users not to make any deposits. The FTX website was back online around 9:00 am. p. All over the site, it says:
“FTX is currently unable to process withdrawals. We strongly recommend not making any deposits.
A message published on November 8 on the official FTX Telegram Group also confirmed the suspension of withdrawals, with no estimate of when they would return. “We are waiting for confirmation from our team to raise it.
We currently have yet to estimate an estimated time of arrival. Still, we’ll certainly provide it as soon as possible,” an FTX support rep wrote in the message. A warning is also displayed when attempting to sign up for a new account on the site. Cointelegraph learned that “registrations are halted at the time.” Cointelegraph found out. This suggests that while deposits are “strongly discouraged,” they are only accessible to those who have existing accounts on the trading platform.
It comes amid an ongoing liquidity crisis that the crypto exchange is facing. A November 9 Wall Street Journal report claims that the business is facing an $8 billion deficit and cannot meet withdrawal requests without emergency funds. Binance initially signed a non-binding letter of intent to buy the controversial exchange but backed out less than 48 hours later, citing misuse of client funds and alleged US agency investigations as reasons for its Change decision.