Major crypto exchange FTX begins bankruptcy proceedings in US

FTX, 1 of the world's biggest cryptocurrency exchanges, is commencing bankruptcy proceedings successful the US.

The company's main enforcement officer, Sam Bankman-Fried, is also resigning, days aft larger rival Binance walked distant from a proposed acquisition.

Bitcoin and different cryptocurrencies person taken a battering this week as FTX teetered connected the brink of insolvency, leaving users scrambling to retreat their investments arsenic the steadfast scrambles to rise astir $9.4bn to prevention itself.

The situation has raised further questions astir the regularisation of cryptocurrencies and different integer assets.