Miami HEAT Arena Balks at FTX Naming Rights, Ending 19-Year Deal Early
Photos on social media already purport to show the bankrupt crypto exchange’s logo being removed from the arena.
Hell hath no fury like a professional basketball team scorned.
Mere hours after FTX filed for bankruptcy, the Miami HEAT and Miami-Dade County issued a joint statement announcing they were cutting ties with the now-disgraced Bahamas-based crypto exchange – effective immediately.
Photos circulating on social media already purport to show FTX’s logo being dismantled from the top of the arena. The 19-year contract cost FTX a whopping $135 million.
“The reports about FTX and its affiliates are extremely disappointing. Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena,” a press statement issued Friday reads.
Once one of the largest crypto exchanges in the world, FTX was brought to its knees this week after a liquidity crisis triggered a domino effect resulting in the entire portfolio of companies, including the exchange’s U.S. subsidiary, FTX US, and Alameda Research, its quant trading firm, declaring bankruptcy. The entire portfolio of companies are now reportedly between $10-50 billion in the red.
The collapse of FTX has already triggered a ripple effect of consequences across the crypto industry and beyond – including in the city of Miami. Under the leadership of crypto-friendly Mayor Francis Suarez, Miami has attempted to establish itself as a crypto hub, welcoming crypto businesses, including FTX, to set up shop in Florida.
In September, FTX announced that it would be moving its U.S. headquarters from Chicago to Miami, and advertised its sleek new office space on Twitter.
A video posted by FTX showing off the unfurnished office was published just one day before news broke that the company was facing liquidity issues.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
알아야 할 것:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
알아야 할 것:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
