Overview

On February 11, 2025, Cointelegraph reported that FTX would officially launch its $16 billion creditor repayment plan on February 18, 2025. The first compensation phase is expected to range between $6.5 and $7 billion and will be settled based on market prices from November 2022.

Looking back to November 2022, FTX, once the world’s second-largest cryptocurrency exchange, suddenly collapsed due to a liquidity crisis and filed for bankruptcy. Founder Sam Bankman-Fried (SBF) was subsequently charged with multiple counts of fraud. The incident resulted in billions of dollars in customer losses and triggered a widespread trust crisis across the crypto market.

Source: https://claims.ftx.com/welcome

Development History

The Rise of FTX

FTX, founded by Sam Bankman-Fried (SBF) in 2019, is headquartered in the Bahamas. Backed by funds and technical support from Alameda Research, it quickly became an innovator in the derivatives trading sector, attracting professional traders with its high leverage, low trading fees, and native FTT token.

Between 2020 and 2021, FTX rapidly rose through product innovation and aggressive marketing, securing multiple funding rounds and boosting its brand influence through sports sponsorships. By early 2022, FTX’s daily trading volume reached tens of billions of dollars, while SBF’s fortune soared to $26 billion. The company actively expanded into NFTs, tokenized stocks, and even provided a bailout loan to BlockFi. However, this rapid expansion concealed significant financial risks.

Collapse and Bankruptcy

In November 2022, FTX collapsed due to a financial crisis.

November 2: CoinDesk exposed Alameda Research’s balance sheet, revealing that a significant portion of its assets relied on FTT, raising liquidity concerns.

November 6: Binance CEO Changpeng Zhao (CZ) announced plans to liquidate Binance’s FTT holdings, sparking market panic and a wave of user withdrawals.

November 8: SBF announced FTX would be acquired by Binance, but Binance backed out the next day after reviewing FTX’s financials.

November 11: FTX, FTX.US, and Alameda Research officially filed for bankruptcy, with SBF resigning as CEO.

Source: https://x.com/FTX_Official/status/1591071832823959552

Bankruptcy Restructuring and Compensation

After FTX’s collapse, John J. Ray III took over the restructuring process. Investigations revealed severe misappropriation of funds, with customer assets diverted to fuel Alameda’s high-risk trades, resulting in an $8 billion shortfall.

In 2023, SBF was arrested in the United States and found guilty in November. He was sentenced to 25 years in prison in March 2024. Meanwhile, FTX’s bankruptcy team worked to recover funds by selling off assets, including Solana tokens.

By October 2024, the court approved FTX’s restructuring plan, announcing a full $16.5 billion compensation package for customers.

Source: https://www.reuters.com/legal/crypto-exchange-ftxs-liquidation-plan-receives-court-approval-2024-10-07/

FTX officially began its debt repayment process on January 3, 2025. Creditors were required to complete tax form submissions and KYC (Know Your Customer) verification by January 20.

The first batch of “convenience class” creditors—those with claims of $50,000 or less—were set to receive 119% compensation, totalling approximately $1.2 billion. BitGo and Kraken were brought in to assist with the payout process, which has now commenced.

The first round of repayments officially launched on February 18, 2025.

Source: https://x.com/sunil_trades/status/1886796657259376733

The next round of repayments is scheduled for May 30, 2025, covering holders of “Class 5 Customer Entitlement Claims” and “Class 6 General Unsecured Claims.” This includes customers who held assets on the FTX platform at the time of its collapse, as well as suppliers, trade partners, and other creditors.

FTX requires creditors to complete claim verification by April 11, 2025—the official record date for eligibility. Funds are expected to be distributed on May 30, 2025.

According to Sunil Kavuri, an FTX creditor and lawyer, this round will focus on claims exceeding $50,000. Kavuri also mentioned that affected creditors must select a distribution agent by April 11 to ensure the payout process is completed smoothly.

Source: https://www.prnewswire.com/news-releases/ftx-commences-initial-distributions-to-convenience-class-and-sets-next-distribution-302379212.html

Funding sources

FTX’s bankruptcy compensation funds mainly come from asset liquidation, recovery of illegal funds, debt restructuring, and legal compensation. The exact payout ratio still depends on the progress of liquidation. According to the FTX shareholder report disclosed at the end of August 2023, FTX held over $7.3 billion in assets at the time, including:

$800 million — Assets recovered by the government (cash and public equity investments seized by the Southern District of New York police)

$500 million — Risk brokerage assets secured and managed by debtors

$3.4 billion — Class A crypto assets

$1.5 billion — Cash assets confirmed and managed by debtors

$1.1 billion — Cash balance determined at the time of the bankruptcy filing

Additionally, there are still pending incremental assets, which may include venture capital, Class B digital assets, receivable tokens, counterclaim recoveries, asset avoidance/preference litigation, the FTX 2.0 plan, and subsidiary investments.

Source: https://drive.google.com/file/d/1Y4jMmyEQq-qOoHL2blXhVjRMMi06X9HB/view

Asset Liquidation and Realization

Crypto Asset Liquidation: After FTX’s bankruptcy, the asset custody team liquidated the exchange’s cryptocurrency holdings—including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and others—to repay creditors.

By the end of August 2023, FTX’s shareholder report disclosed its crypto asset status. At that time, the top ten held tokens accounted for 72% of total holdings, valued at approximately $3.2 billion. Among them, Solana (SOL) was the largest holding with 55 million tokens, followed by around 21,000 Bitcoin (BTC) and 113,000 Ethereum (ETH).

As the bankruptcy restructuring progressed, FTX continued selling assets to repay debts:

• Early 2024: Liquidated all 22 million shares of Grayscale Bitcoin Trust (GBTC), equivalent to about 20,000 BTC.
• October: Sold $28 million worth of SOL.
• December: Unstaked $178,000 worth of SOL.

Source: https://drive.google.com/file/d/1Y4jMmyEQq-qOoHL2blXhVjRMMi06X9HB/view

According to data from intel.arkm, FTX has completed the majority of its sell-off of mainstream crypto assets as of March 3, 2025, with the remaining crypto assets valued at $1.089 billion. Among these, 15 tokens are valued at over $1 million. FTT (FTX’s native token) holds the largest share at $436 million, followed by OXY at $310 million, with MAPS, Media, and other tokens also exceeding $100 million in holdings.

Source: https://intel.arkm.com/explorer/entity/ftx

Equity liquidation: FTX had previously invested in various crypto projects and companies, including Anthropic AI and shares in Robinhood. The liquidation team has been recovering funds by selling off these equity holdings.

Source: https://drive.google.com/file/d/1Y4jMmyEQq-qOoHL2blXhVjRMMi06X9HB/view

Real Estate Liquidation: The luxury properties purchased by FTX and its executives in the Bahamas and other locations have now been included in the liquidation process, with some of these assets set to be used for debt repayment.

Source: https://drive.google.com/file/d/1Y4jMmyEQq-qOoHL2blXhVjRMMi06X9HB/view

Recovery of Misappropriated Funds

Alameda Research Fund Recovery: The financial ties between FTX and Alameda Research are highly complex. The liquidation team is actively working to recover funds that may have been misappropriated or improperly transferred.

Executive & Partner Asset Seizures: Investigations into SBF (Sam Bankman-Fried) and other key executives are ongoing. Authorities aim to confiscate assets suspected to be illegally acquired or misused.

Tracing abnormal withdrawals: Transactions flagged as suspicious withdrawals made just before FTX’s collapse are under review. If deemed fraudulent or preferential, some funds may be reclaimed.

Source: file:///Users/davidmask/Downloads/f2ebe167-8604-4a5d-b42d-33829d66b402.pdf

Debt Restructuring and External Financing in Bankruptcy Proceedings

Debt Restructuring: FTX may negotiate with creditors to reduce debt or extend repayment deadlines to ease compensation pressure. This could involve partial debt forgiveness or revised payment plans.

Restructuring & Financing Plans: The liquidation team has explored bringing in new investors or even relaunching the exchange as part of an “FTX 2.0” initiative to raise additional funds for debt repayment.

Legal Actions and Compensation

Legal Accountability: FTX’s liquidation team may pursue lawsuits against individuals or institutions involved in fraud or fund misappropriation, aiming to recover additional compensation.

Government Seized Assets: If fines or asset forfeitures arise from SBF’s legal case, a portion of the recovered funds could be redirected to compensate creditors.

Source: https://www.justice.gov/archives/opa/pr/samuel-bankman-fried-sentenced-25-years-his-orchestration-multiple-fraudulent-schemes

User Feedback

Positive Emotions and Expectations

Some users welcome the FTX compensation plan, especially “convenience claim” holders with claims under $50,000, who will receive the first batch of payments in Q1 2025.

For example, reports indicate that $1.2 billion in initial payouts is about to be distributed. Many users feel relieved, seeing this as a positive outcome after a long wait.

On social media, some users shared sentiments like “Finally getting something back!” particularly after hearing that compensation may include both principal and interest.

Source: https://x.com/zhusu/status/1892965478978519541

Discontent and Doubts

FTX’s compensation plan calculates asset values based on the bankruptcy filing date (November 2022) — a point when crypto prices were significantly lower than today’s market.

Many users voiced frustration, arguing this approach ignores the market’s recovery and their missed gains. One user on X complained: “The payouts are based on prices from two years ago. BTC’s up 5x now—this money means nothing!”

Similar sentiments flooded social media, with creditors believing even a 119% payout barely compensates for lost bull market opportunities.

FTX Payouts vs. Current Market Prices (March 4, 2025):

Bitcoin (BTC): Current price $82,835, payout $18,000—only 21.7% of today’s value.

Ethereum (ETH): Current price $2,066, payout $2,500—121% (exceeding current market value).

Solana (SOL): Current price $136, payout $15—just 11% of today’s value.

Overall, the compensation plan’s reliance on 2022 prices—despite the market’s recovery—fuelled further dissatisfaction among users.

Source: https://x.com/UmiBtc/status/1892174794197729502

Regret Over Missed Opportunities

Some users expressed regret for missing the first round of compensation, either due to not following FTX’s restructuring progress or failing to complete required steps in time. For example, those who didn’t register by January 20 felt frustrated, with posts on social media like “Missed the first wave—wish I acted sooner.”

Ongoing Trust Issues with FTX

Despite compensation moving forward, many users remain sceptical about FTX’s transparency and reliability. Memories of FTX freezing withdrawals in 2022 still linger, sparking fears of history repeating itself. Some users question whether the platform and its management team can truly be trusted again.

Overall User Sentiment: A Split Reaction

User responses are polarised:

Positive side: Optimism for compensation payouts finally starting.

Negative side: Frustration over complex processes, uncertain amounts, and lingering trust issues.

These emotions are especially visible on Chinese platforms like Weibo and Zhihu, as well as crypto forums, particularly when the restructuring plan took effect in January 2025 and first payouts began in February.

Market Impact

Restoring Market Confidence & Strengthening Regulation

FTX’s collapse shook trust in centralized exchanges (CEX), but the compensation progress demonstrates that bankruptcy processes can still deliver partial financial recovery, helping ease market fear.

If payouts proceed as scheduled, it could send a positive signal, showcasing the market’s resilience.

Major exchanges like Binance, Coinbase, and OKX may seize this chance to improve transparency and risk controls to attract former FTX users. Many CEXs have already adopted Proof of Reserves (PoR) and third-party audits to rebuild trust.

Additionally, global regulators have tightened oversight post-FTX:

U.S. ramped up crypto compliance checks.

Japan enforced strict client fund segregation for exchanges.

While these measures increase compliance costs in the short term, they lower systemic risks and foster a healthier market in the long run.

Source: https://www.gate.io/proof-of-reserves?ch=GM_Reservesblock_20250122&utm_campaign=TR_eiQbOtWr&utm_content=&utm_medium=PR&utm_source=CH_l3hBY9KM&utm_term=

Liquidity and Market Impact

FTX’s massive $16.5 billion payout is expected to significantly affect market liquidity, potentially leading to two opposite outcomes:

Bullish Scenario:

If users reinvest their compensation into the crypto market—especially during the post-2025 Bitcoin halving cycle—this influx could boost BTC and ETH prices, fuelling market optimism. Sectors like AI, Bitcoin Layer 2 networks, DeFi, and NFTs, which remain active, could benefit from fresh liquidity, sparking a new investment wave and revitalising trading activity.

Bearish Scenario:

Conversely, some users may cash out to fiat to cover financial losses or secure funds, particularly after a prolonged bear market. This could trigger selling pressure, heightening short-term volatility and worsening instability. Additionally, a portion of funds might flow into high-risk speculation, potentially exacerbating market swings.

The FTX payout will create mixed liquidity effects—short-term volatility is likely, but long-term fund reinvestment could support market recovery and growth.

Regulatory and Compliance Pressure

The FTX collapse has accelerated global regulatory efforts, with compensation progress pushing the crypto industry towards greater compliance.

Regulators worldwide may tighten rules for centralised exchanges (CEX) by:

Enforcing stronger transparency measures

Requiring user protection funds

Mandating stricter financial audits

Key authorities like the U.S. SEC, European financial regulators, and Asia’s major markets are likely to enhance KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements.

Though the regulatory framework is still evolving, the FTX case showcases progress in market recovery mechanisms. However, this doesn’t mean the industry is fully healed — CEX risks, management flaws, and liquidity crises still require ongoing improvements.

Source: https://hyperverge.co/blog/cryptocurrency-aml/

Long-Term Impact on the Crypto Market Landscape

FTX’s collapse reshaped market concentration, initially boosting major centralized exchanges (CEXs) like Binance and Coinbase, which seized greater market shares. However, the payout influx might fuel new dynamics:

Opportunities for Emerging Platforms:

The return of funds could energize smaller, innovative exchanges — especially those focusing on transparency, low fees, and user control. This opens the door for new competitors to challenge the dominant players.

Decentralized Exchange (DEX) Acceleration:

Investor trust in centralized platforms took a serious hit after FTX. The payout wave might redirect user interest toward DEXs like Uniswap and dYdX, where self-custody and smart contract-based trading reduce counterparty risk. This could drive DeFi adoption, especially as DEXs improve user experience and liquidity.

Shift in Risk Appetite:

Investor sentiment is likely to pivot toward safer, established assets. Bitcoin (BTC) and Ethereum (ETH) — seen as blue-chip cryptos — could attract more capital, while altcoins (especially high-risk, low-cap tokens) may struggle to regain favor.

Source: https://www.coingecko.com/en/exchanges

Payout Background and Scale

FTX’s restructuring plan has recovered approximately $16.5 billion, a figure large enough to fully reimburse over 2 million customers—covering both principal and some interest. This outcome exceeded market expectations, especially when compared to traditional financial bankruptcies, where creditors typically recover only a fraction of their claims.

Starting in 2025, repayments will roll out in phases to user accounts.

This rare full-compensation scenario is now reshaping expectations for other crypto bankruptcies—potentially setting a new benchmark for how exchanges handle collapses.

Source: https://cryptoslate.com/court-greenlights-ftxs-16-5-billion-bankruptcy-plan-to-repay-defrauded-customers/

The Dual Impact on Investor Confidence

The FTX compensation may have a dual impact on market confidence:

Positive Impact: Full compensation demonstrates to the market that even in extreme situations, the crypto industry retains a certain level of asset protection. This could ease some of the trust crises surrounding centralized exchanges (CEX) and potentially encourage a partial return of funds.

Cautious Outlook: However, SBF’s fraudulent actions exposed vulnerabilities in CEXs’ transparency and fund management. Even with the compensation, investors may remain more cautious, preferring platforms with stricter regulations and better risk control. This could lead to a concentration of funds in top exchanges like Binance and Coinbase, increasing survival pressure on smaller and mid-sized platforms.

Source: https://www.coingecko.com/research/publications/centralized-crypto-exchanges-market-share

The Rise of DeFi and DEX

After the FTX incident, investor trust in centralized platforms has weakened, prompting some users to shift towards decentralized finance (DeFi) and self-custody wallets to reduce reliance on CEXs. This trend could accelerate innovation in blockchain technology while posing challenges to the existing CEX business model.

This shift is already reflected in the data. For example, as of March 5, 2025, the total 24-hour trading volume on DEXs reached $11 billion, indicating that decentralized exchanges are attracting more users. In the future, CEXs may need to respond to DeFi’s growing influence by implementing stricter risk controls, providing more transparent financial disclosures, and enhancing the user experience.

Source: https://www.coingecko.com/en/exchanges/decentralized

How to Choose a Centralized Exchange

When choosing a centralized exchange, users should focus on several key factors, especially in light of the recent Bybit incident (on February 21, 2025, Bybit suffered a hacking attack, resulting in approximately $1.5 billion worth of Ethereum tokens being stolen), which has triggered a trust crisis.

It is crucial to ensure that the selected exchange has robust security measures, stable technical support, compliant operations, and transparent fund management policies to minimize potential risks and protect asset security. At the same time, priority should be given to exchanges with a solid regulatory history and positive market reputation to help rebuild trust in centralized platforms.

Source: https://www.trmlabs.com/post/the-bybit-hack-following-north-koreas-largest-exploit

Regulatory Compliance

Choosing a compliant centralized exchange is crucial, especially as global regulations tighten. Compliant exchanges typically follow local financial regulations, offering more transparent operations and stronger user protections. For example, such platforms often implement clear fund custody policies and robust risk management processes.

The Bybit incident highlighted the dangers of lacking transparency, particularly when financial troubles arise. To mitigate risk, selecting exchanges with a positive regulatory track record, stable partnerships, and oversight from reputable regulators such as the U.S. SEC, EU MiFID, and Japan’s FSA is advisable.

Compliant platforms generally maintain higher security standards and enforce strict Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, helping to reduce the risk of fraud and regulatory issues.

Source: https://www.gate.io/help/guide/account/17399/about-identity-verification-kyc-procedures

Fund Security

Security is the most critical factor when choosing an exchange, especially after financial crises like the Bybit incident. Protecting user assets is paramount. Users should pay attention to whether the exchange employs security measures such as cold storage (keeping the majority of assets offline), multi-signature wallets, insurance funds (such as SAFU funds), and financial reserves.

For example, as of March 4, 2025, Gate.io’s financial reserves reached $10.328 billion, demonstrating its strong capability in safeguarding user funds.

Source: gate.io

Source: https://www.gate.io/safu-user-assets-security-fund

Liquidity and Trading Volume

A highly liquid exchange offers more stable prices and lower slippage—particularly beneficial for high-frequency traders. While some exchanges perform well in liquidity, sudden market volatility can still cause temporary lags or flash crashes. Therefore, checking the order book depth for trading pairs is essential to avoid excessive slippage due to insufficient liquidity.

Large exchanges typically handle higher trading volumes, maintain active markets, and provide more stable liquidity conditions. Choosing an exchange with strong liquidity and reliable technology helps minimise trading risks. Additionally, prioritise exchanges with a large user base in your region to ensure a smoother trading experience.

For example, as of March 4, 2025, Gate.io reported a 24-hour trading volume of $6.423 billion, reflecting its active market and solid liquidity.

Source: https://coinmarketcap.com/exchanges/gate-io/

User Experience and Customer Support

An exchange’s user experience depends heavily on factors like an intuitive interface, smooth trading performance, and 24/7 customer support availability.

Choosing an exchange with stable technology and responsive support is crucial — especially when issues arise, timely resolution can make all the difference. It’s recommended to check user reviews and community feedback to gauge the actual efficiency of the platform’s customer service.

A well-designed, user-friendly platform paired with fast, effective support can significantly enhance your trading experience and reduce downtime during critical moments.

Source: https://www.gate.io/help

Transparency and Security Audits

An exchange’s financial health and operational transparency are critical — especially after trust crises like the Bybit incident. Users should prioritize exchanges that regularly publish financial reports and disclose their assets and liabilities.

Evaluating an exchange’s profit model, cash flow, and solvency helps identify potential risks. Additionally, consider these key factors for a more secure and trustworthy platform:

Smart Contract Security Audits: Ensures that any automated trading or DeFi integrations are safe from vulnerabilities.

Token Asset Transparency: Exchanges should clearly disclose the reserves backing user assets.

On-Chain Monitoring Mechanisms: Platforms with blockchain-based tracking offer more real-time visibility into fund movements and security practices.

A transparent, regularly audited exchange not only boosts user confidence but also ensures long-term reliability and security.

Source: https://www.gate.io/security-audit

User Reputation and Community Feedback

User reputation and community feedback offer valuable, firsthand insights into an exchange’s service quality. Reviews covering key aspects like withdrawal reliability, technical performance, and customer service can help you gauge whether the platform is trustworthy.

Look for patterns in feedback—consistent praise for smooth transactions and quick support responses is a good sign, while repeated complaints about withdrawal delays or poor issue resolution might be a red flag.

Engaging with trading communities on forums, social media, or dedicated crypto groups can also provide a clearer picture of how the exchange operates in real-world scenarios.

Source: https://ie.trustpilot.com/review/gate.io?stars=5

Trading Fees

Exchange fees mainly include maker/taker fees and withdrawal fees. Different platforms have varying fee structures, with some offering discounts for high-volume traders. Additionally, withdrawal fees can be relatively high, so it’s important to thoroughly understand the associated costs before trading.

Source: https://www.gate.io/fee

Future Regulation and Industry Evolution

The FTX compensation event is set to leave a lasting mark on the crypto industry, particularly in shaping regulation and compliance frameworks. The collapse—and the subsequent payouts—exposed major flaws in centralised platforms’ fund management, transparency, and risk control, which is likely to push global regulators toward stricter standards.

For example, more countries may follow the EU’s MiCA (Markets in Cryptoassets) framework, requiring exchanges to disclose asset reserves, undergo third-party audits, and implement robust user fund protection measures.

In the U.S., a crypto task force has been established, aiming to build a tech-neutral, transparent, and well-defined regulatory framework. The compensation event has not only increased public awareness of regulatory importance but also serves as a cautionary tale, encouraging more companies to proactively embrace compliance to prevent similar crises.

For traders, this means centralised exchanges (CEXs) that prioritise regulatory adherence, transparency, and security will likely emerge as safer, more reliable platforms in the evolving market.

Source: https://www.cnbc.com/2025/01/23/trump-signs-executive-order-on-crypto-digital-asset-stockpile.html

In terms of regulatory trends, the FTX compensation may become a turning point, prompting regulators to shift from the previous “wait-and-see and lenient” approach to “proactive intervention and refinement.” Governments and financial regulators worldwide may tighten oversight on centralized exchanges (CEXs), such as requiring higher capital reserves, mandatory insurance mechanisms, and segregation rules for user assets.

At the same time, anti-money laundering (AML) and Know Your Customer (KYC) requirements for the crypto industry may further tighten to curb potential illicit fund flows. Additionally, the FTX incident may accelerate the clash between decentralized finance (DeFi) and regulation, with regulators potentially exploring ways to establish an appropriate regulatory framework for DeFi without stifling innovation.

Regarding the rebuilding of industry trust, while the FTX compensation provides some level of reimbursement for affected users, the blow to investor confidence remains profound.

Rebuilding trust requires efforts across multiple levels: first, centralized platforms need to enhance transparency through technological means, such as implementing on-chain proof of reserves to display asset holdings in real time; second, industry associations and leading companies should jointly promote self-regulatory mechanisms, including unified ethical guidelines and operational standards; finally, educating investors to identify risks and understand the complexity of the crypto market will also become a long-term task. Over time, if the industry demonstrates greater resilience and accountability, the trust crisis may gradually ease — though this process is bound to be lengthy and challenging.

Overall, the FTX compensation event is likely to act as a catalyst for the crypto industry’s compliance transformation, driving a two-way evolution between regulation and the industry. In the short term, tighter regulation may cause growing pains, but in the long run, this may be an essential path for the industry to mature and gain mainstream recognition.

After a long period of waiting and turmoil, the FTX compensation plan has finally taken a key step forward. Although the first phase of payments has begun, some creditors have expressed dissatisfaction with the market price calculation method for the compensation amounts, believing it fails to reflect the crypto market’s recovery fully. Nevertheless, the initial payouts have brought hope to affected users, and the FTX restructuring team is actively working on liquidation and fund recovery, with follow-up compensation plans proceeding steadily.

As the compensation process advances, FTX faces the challenge of balancing creditors’ expectations with reality, ensuring transparency and fairness throughout the process. Meanwhile, creditors still expect FTX to restore trust, and some users’ negative sentiments have yet to subside. Despite the long road to recovery, this compensation plan not only provides partial restitution for victims but also creates an opportunity for rebuilding trust in the crypto market.

When selecting a centralized exchange, users should focus on factors such as platform security, fee structures, available trading pairs, liquidity, user experience, fiat support and withdrawal options, regulatory compliance, customer service, and reputation. Choosing an exchange that is secure, transparent, highly liquid, easy to use, and compliant with regulations can effectively reduce risks, improve trading efficiency, safeguard funds, and ensure a better overall trading experience.