FTX suspends addition of new clients, withdrawals

Illustration shows FTX logo
FTX logo is seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration

Nov 10 (Reuters) - FTX on Thursday suspended onboarding of new clients as well as withdrawals until further notice as hopes of a rescue for the cryptocurrency exchange fade after rival Binance walked away from a deal to bail out the company.

In a message on its website, the company also asked clients to avoid depositing their funds. It was not immediately clear if FTX US, the company's U.S. unit that was not part of Binance's failed buyout, too is included in the latest move.

An FTX spokesperson did not immediately respond to requests seeking comments.

Chief Executive Sam Bankman-Fried has told employees in a internal memo that he was exploring all options to avoid a collapse that analysts have said could trigger a meltdown in the entire crypto industry.

Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur

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