In the September 24 announcement, FTX released more information regarding claims on derivative positions. According to official information, FTX announced customer demands regarding derivative positions in March 2023.
FTX: derivative positions will be displayed separately by item
According to this initial plan, on March 15, 2023, all open derivative positions would be considered gated and included in dollar-denominated balances. However, changes were made with the revised plan presented on June 27, 2023. With this change, all open derivative positions through November 11, 2022 are listed separately to show which derivative code they belong to. FTX included the following text in the official announcement:
The FTX Debtors posted additional information for customers with questions on the reporting of derivative positions within the FTX Customer Portal. For the additional information, visit https://t.co/pKhHighLqX
— FTX (@FTX_Official) September 24, 2023
As reported by Kriptokoin.com, users will have until September 29 to request a refund. Additionally, news that Coinbase will acquire FTX was positive on FTT price. FTT is currently trading at $1.14, up 4.5% on the day.
Situation affecting users
However, these changes did not change the overall value that users would demand. In other words, there is no financial loss or gain for users. However, it was also a matter of curiosity why such changes were made.
The main purpose behind the announced changes was to provide greater transparency regarding derivative positions. In other words, FTX wanted to show its users how many contracts belong to which derivative code. This will allow investors and users to better see the status of their accounts.
FTX’s customer-focused approach
With this step, FTX aims to prioritize customer satisfaction. Because in the cryptocurrency market, presenting transactions and balances transparently increases investors’ trust in the platform. FTX also attaches importance to such information in order to gain and maintain this trust. The exchange is currently actively working on the refund process.
How are my derivative positions planned?
- In the first customer damage table presented on March 15, 2023, it was assumed that all open derivative positions were closed and included in the US Dollar balance. This is consistent with regular course exchange transactions and what you would see in your account when the exchange was previously up and running.
- In the new client claims schedule filed on June 27, 2023, all open derivative positions as of the Petition Date and time (November 11, 2022) are separated into separate line items to show the amounts of contracts held by the derivative code.
- This update was made in response to customers’ requests to display their derivative position amounts separately.
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