Coinbase Global Inc. reassured its clients that the risk of being in immediate danger of liquidity or credit risk is nonexistent following the Binance acquisition of FTX's non-US operations stressing there is "minimal exposure" to FTX and "no exposure" to its token, FTT, the company said in a statement on Tuesday.
"Currently we have $15 million worth of deposits on FTX to facilitate business operations and client trades. We have no exposure to Alameda Research, and we have no loans to FTX," Coinbase explained. The company emphasized that "there can't be a "run on the bank" at Coinbase," pointing out that all customer assets are fully backed according to publicly-filed and audited reports.
Earlier, the FTX token plunged over 80% following the news of Binance's acquisition of the rival FTX.com due to a "liquidity crisis," seemingly prompting the world's leading cryptocurrencies to sink.
