We have been a customer of FTX since june 2022, we chose FTX because it had the greatest liquidity in FUTURES crypto currency. We transferred from Binance due to increased UK regulatory burden on customers to trade crypto derivatives. Although it was still possible to trade on margin on the Binance exchange the increased workflow to: organise the borrowing and repayment of currencies for shorts, the calculations to ensure to be within non-liquidation of account holdings and the processing of stop loss and profit taking made it nearly impossible even for a seasoned professional to trade. Whilst trading futures only requires the calculation of stop loss and profit taking, additionally the one click from calculation to trade on the FTX made it far superior than the previous Binance futures trading platform.
We were horrified to hear that Binance was even considering purchasing the FTX platform due to the negative effect on the competition of the industry. We consider one of the existing commodity/currency/stock/money market derivative exchanges to be the preferred purchaser, obviously they have to calculate if the purchase price would be lower than the revenue stream from their ability to develop a crypto futures exchange and on-board the clients independently.
In the meantime we continue to happy trade futures on the FTX platform as we are on a hiding to nothing. Further our total exposure to the FTX platform is less than loss on many individual stocks we invest in.