Is the next Bitcoin exchange to fall after FTX Crash? CEO denies rumors – Report

  • CEO said during an AMA that the exchange is not at any risk of insolvency.
  • The clarification is coming after it emerged that the platform is struggling financially following irregular on-chain activities.

Kris Marszalek, the CEO of crypto exchange, has dismissed rumors that the platform could be the next crypto giant to collapse after FTX.

Marszalek stated during a live AMA session that is not at any risk of insolvency but is instead carrying on its business as usual with seamless deposits, withdrawals, and trading happening although at a heightened level.

“Most importantly, consider our platform is performing like its business as usual. People are depositing, withdrawing, people are trading. There is pretty much normal activity, just that at a heightened level,” he said.

He further noted that is one of the most regulated crypto companies in the industry. The company has the most licenses and registrations from “tier 1” jurisdictions including the U.S., Europe, Singapore, and the U.K., he said.

He also emphasized that the Singapore-based exchange’s business model is different from that of FTX. operates a business model based on access to cryptocurrencies, reinvesting its profits from trading fees to build “compliant, secure infrastructure.” He pointed out that, unlike FTX, is never going to raise funds, engage in irresponsible lending practices, trade customer assets, or use its CRO token as collateral.

“These are businesses in the same industry, but we operate completely differently. We’ve got more than 70 million people on our platform globally who have downloaded our app. Our business model is very simple, we provide access to the masses to digital assets, and we take a fee for it,” he added.

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Other clarifications made by CEO

Marszalek’s clarifications are coming after reports of irregularities at the exchange emerged in the crypto community. One of these was the recent discovery that sent around $400 million worth of ETH to another exchange

Both Marszalek and have clarified that the transaction was an error and has been corrected. has also published a proof-of-reserve and announced plans to conduct a full audit in the coming week. However, this did not prevent users from panic withdrawing their assets according to a Bloomberg report.

Meanwhile, he also mentioned during the AMA that’s signing of a stadium sponsorship deal has not made a dent in the company’s revenue. He noted that only a small amount of the deal’s amount is paid every year and that the investment is worthwhile for marketing.

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About Author

Olivia Brooke has been writing about cryptocurrencies since 2018. She’s currently fascinated by NFTs, and she remains committed to learning and writing about the broader cryptocurrency industry.

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