A new initiative has been introduced for clients who are receiving funds from FTX through a specific trading platform. This initiative allows these clients to access fee credits, enabling them to trade as much as $50,000 in cryptocurrencies without having to pay trading fees.
In a partnership established in December, the trading platform was designated to facilitate the distribution of funds to former FTX clients. The goal is to minimize the expenses associated with converting these US dollar payouts into cryptocurrencies for eligible users.
Clients who qualify for this program will be granted up to $105 in trading fee credits, which correspond to the amount of funds they receive. These fee credits will be available for use exclusively on the platform’s professional trading interface, where they will be credited immediately upon the reception of the FTX distributions.
To ensure they receive their funds, clients must navigate through a designated customer portal associated with the FTX Debtors. It is important for users to complete the necessary onboarding process and identity verification prior to accessing the fee credits. These credits are expected to be available within a few days of the fund deposit and can be utilized on the platform’s advanced trading services, which include spot trading, margin trading, and staking.
The platform emphasizes its commitment to security through its Proof of Reserves process, a system initiated in 2014 that has been consistently updated since 2022. This protocol aims to maintain transparency and reassure clients about the safety of their assets. The platform has previously engaged in significant cases, including the notable Mt. Gox incident, which highlighted the importance of security in the cryptocurrency space.
Recently, the platform completed its latest Proof of Reserves verification, confirming that client account balances are fully backed by actual on-chain assets. An independent third-party firm conducted this verification, which was based on a specific snapshot date. This assurance reinforces that clients’ holdings are securely maintained for supported cryptocurrencies.
The verification process covered six major cryptocurrencies, including Bitcoin, Ethereum, Solana, USD Coin, Tether, and XRP. It encompassed various positions such as spot and margin accounts, futures positions, and even amounts staked on-chain. A total of over $21.5 billion in client assets was confirmed, demonstrating the platform’s capability to protect and manage users’ investments effectively.
Since the implementation of the Proof of Reserves in 2014, the platform has put forth regular attestations to provide clients with the ability to confirm their balances simply by logging into their professional trading accounts.
This new initiative, combined with the rigorous security measures, amplifies the effort to create a supportive and secure trading environment for clients affected by the FTX situation, allowing them to engage in trading activities without the burden of fees for a limited period.