Cryptocurrency exchange FTX has faced skepticism from industry commentators over its plan to reboot the platform.

The exchange filed for bankruptcy in November following accusations of criminal misconduct by its founders and former executives, and a liquidity crunch.

FTX CEO John Ray has stated that he is interested in reviving the exchange to compensate its users, but critics believe that users may not return due to trust issues and increased regulation in the industry.

Binance Australia CEO Leigh Travers and digital assets lawyer Liam Hennessy have both questioned whether FTX will be able to secure a license again and whether users will feel comfortable returning to the platform.

RMIT University Blockchain Innovation Hub senior law lecturer Aaron Lane has said that FTX will need to prove that the revival plan will benefit creditors more than liquidating the company’s assets.