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now recently FTX filed for bankruptcy proceedings in the U.S court system the fall of FTX has further eroded the trust of regulators and customers in the cryptocurrency industry now FTX is a Bahamas based cryptocurrency exchange it enables customers to trade digital currencies for other digital currencies or traditional money and vice versa the exchange was founded in 2019 and at its peak had over 1 million users and was third largest crypto exchange by volume talking about ftt FTX has a native cryptocurrency called ftt which Traders use for operations like paying transaction fees now binance is the largest cryptocurrency Exchange in the world in terms of daily trading volume of cryptocurrencies initially binance offered to buy ftxs non-us operations ftx.com to help cover its liquidity crunch but later on backed out of the deal