Bitcoin Suisse standing strong during FTX collapse
Nov 9, 2022
Zug, November 9th, 2022 - An already challenging crypto market has been shaken by a series of unexpected developments unfolding at a high speed. The largest cryptocurrency exchange Binance announced its intention to buy its competitor FTX amidst a liquidity crisis of the smaller rival. Not only FTX’s in-house token “FTT” has plummeted, also the overall crypto market is currently tumbling.
Dr. Dirk Klee, Chief Executive Officer of Bitcoin Suisse said:
"We are reassuring our clients that their funds are always safe with Bitcoin Suisse. Bitcoin Suisse has not offered trading of FTT tokens to our clients. We rely on a solid and resilient business model and a unique multi-exchange setup.
Bitcoin Suisse AG is a crypto broker, not an exchange. Our multi-exchange setup is built on what we call “Best Execution”. This means that Bitcoin Suisse trades across all relevant trading exchanges and with the most reliable counterparties globally. This allows us to provide our clients with the execution of orders at the best available prices in the market and enables us to limit overall counterparty exposure risk.
Based on a thorough evaluation process, our trading counterparties are continuously reviewed, and our internal risk limits are adjusted accordingly. This process has proven once more to work in this case.
For our clients, we are committed to being the most trusted gateway to crypto and we have been a place of stability and security since 2013. In a still young industry, Bitcoin Suisse has built a robust business over the past nine years, and we have never lost client funds.
We are a Swiss crypto finance and technology pioneer that welcomes and supports the thoughtful evolution of regulation across the crypto sector to strengthen the security of client funds and as a prerequisite for increasing institutional adoption.
We continue to monitor the situation related to FTX closely and will take appropriate measures in line with our strict risk management framework."