The former CEO of the now-defunct FTX bitcoin exchange has publicly refuted accusations that he cheated investors and consumers.

In a US courtroom, Sam Bankman-Fried submitted a not guilty plea to accusations that he used client deposits at FTX to pay his other company, Alameda Investigation, the purchase of the land, and political contributions.

Following his arrest last month, he was freed on a $250 million (£208 million) bond deal. But if found guilty, he could spend more than a century in jail. The trial was scheduled on October 2 by Judge Lewis Kaplan.

Two of Mr. Bankman-closest Fried's associates have already entered guilty pleas and are helping with the probe, which has shaken the whole cryptocurrency sector.

FTX is a cryptocurrency exchange that was launched in 2019 by Sam Bankman-Fried, CEO of Alameda Research. The platform is designed specifically for professional traders, offering a range of advanced features such as futures and margin trading, as well as over 100 different trading pairs. In addition to traditional cryptocurrencies like Bitcoin and Ethereum, FTX also supports the trading of tokenized assets such as stocks, commodities, and even sports teams.

• One unique aspect of FTX is the use of its own proprietary cryptocurrency token, called FTT. The FTT token was designed to be used as a utility token on the platform, allowing users to access various discounts and rewards when using it to pay for trading fees.
• FTT was originally issued through an initial exchange offering (IEO) in 2019 and has since become listed on several major exchanges. The token has a fixed supply of 500 million, with a portion of the supply being reserved for use by the FTX team and strategic partners.
• In addition to providing discounts on trading fees, holding FTT also gives users the ability to participate in the governance of the FTX platform. FTT holders can vote on decisions related to platform updates and feature changes, giving them a say in the direction of the exchange.
• Overall, FTX has established itself as a top destination for professional traders looking for a comprehensive and feature-rich platform. The inclusion of the FTT token adds an additional layer of utility and community involvement, making it an attractive option for both traders and token holders. but there is no evidence to suggest that FTX or FTT are involved in any fraudulent activities.

FTX is a well-respected and reputable exchange in the cryptocurrency industry and has received positive reviews for its user-friendly interface, advanced trading features, and strong security measures. It is regulated by the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB) and has also implemented strict know-your-customer (KYC) and anti-money laundering (AML) policies to prevent illicit activity on its platform.

"It is important to note that no financial platform, including those in the cryptocurrency industry, can guarantee the safety of user funds. However, FTX has a strong track record of security and reliability and appears to be a reputable and legitimate platform for trading cryptocurrency."