Crypto Exchange FTX Issues Support Updates; On Path of Recovery

• FTX issued a series of support updates on its official Twitter handle.
• The team at FTX stated that the matching engines are running smoothly.
• The platform announced that it has gone live as the first institution to obtain a license in the UAE.

The crypto exchange FTX issued a series of support updates on its official Twitter handle. The exchange shared a couple of updates regarding Bitcoin (BTC) withdrawals and stablecoin processing.

The team at FTX stated that the matching engines are running smoothly. FTX is being consumed by the BTC withdrawals, and node throughput is constrained. The transactions will now be processed from both ends, which is expected to speed things up.

Furthermore, FTX also noted that since banks are closed citing the weekend, stablecoin creations/redemptions might take longer until wires clear tomorrow, especially for some coins or chains.

The FTX token recently made it to the headlines for being a significant asset on the trading firm Alameda Research’s balance sheet. However, it soon came under pressure after Binance CEO Changpeng Zhao tweeted that the firm would sell its remaining holdings of FTT, FTX’s native token. The FTT price rebounded after the CEO of Alameda tweeted that the company would buy the FTT tokens at $22 each.

However, on Sunday, FTT had reversed course and was falling again, approximately $22.24, down 7.6% over the past 24 hours.

Not all things are going south for FTX, last week the platform announced that it has gone live as the first institution of this type that secured a full license to operate in the UAE. The exchange will operate in MENA under the name FTX MENA FZE. FTX added that its “services are only offered to qualified retail investors, accredited investors, and institutions” during the minimum viable product (MVP) phase.