One thing unites China and FTX: crypto clients.

The cryptocurrency exchange platform FTX’s Chapter 11 bankruptcy filing has continued to provide some insightful details about the business that unexpectedly folded.

Recently, the exchange’s newly appointed CEO John Ray III claimed in a 30-page document he submitted in court that some of the exchange’s workers and advisors used corporate cash to buy Bahamian properties that were registered in each of their names.

In the same court filing, Ray III also noted that FTX, which was formerly among the biggest cryptocurrency exchanges worldwide under the direction of Sam Bankman-Fried, did not maintain accurate and well-organized records of many of its transactions.

Additionally, a few days ago, it was also made public that the platform owes its creditors a total of at least $3.1 billion.

The bankruptcy case has now revealed which nations constituted the majority of the firm’s clientele.

No-Tax Zone China is one of the nations with the most FTX users, Cayman Island is a crypto “hater” in Asia.
Given that it had clients in at least 27 different nations, FTX appears to have a sizable amount of worldwide influence, according to court records.

Cayman Island came in first place among these countries, making up 22% of all exchange platform users. Virgin Islands finished second with 11% of the market. These two nations are notable because they are known to be tax havens.

Unexpectedly, China managed to take third place despite its ban on crypto assets because 8% of its known FTX users reside there. The two countries with the same percentage of customers, the Asian superpower and Great Britain, really tied.

With 6% and 4% respectively, Singapore and the United Arab Emirates rounded out the top three, while 2% of the cryptocurrency exchange’s users are based in the US.

Regarding the situation in China, it is thought that citizens who want to trade on foreign exchanges utilize Virtual Private Networks (VPNs) to get over the government-imposed prohibition on cryptocurrencies and related enterprises.

Chinese Clients Seeking Reparations
Customers from China and other nations are keen to learn as soon as possible when they might receive compensation following FTX’s collapse.

The exchange, however, is keeping quiet about the situation because it hopes to save its company by firing some of its staff and continuing to run in order to generate profits that would eventually be used to pay off its creditors.

Along these lines, executives of FTX’s Japan affiliate have stated that they are working on establishing their own system that would enable the resumption of withdrawal transactions, so clients may soon have the opportunity to withdraw their funds that have been locked inside the firm system.

As a result, it is anticipated that the new system will be operational by the end of 2022.

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