In a recent interview with CNBC, FTX CEO Sam Bankman-Fried explained his views and efforts to stay ahead in the aspects of cryptocurrency regulations.
FTX is a major cryptocurrency exchange with the second-highest trading volume in cryptocurrencies. The company provides derivatives and its global version is not available in the US and Hong Kong. FTX has launched a dedicated platform in the US named FTX.US.
During the interview, Bankman-Fried explained how his company regularly applies for licenses across various jurisdictions and makes its exchange services available. Showcasing his efforts, the CEO revealed that he spends five hours a day investigating the legal measures the company requires such as regulations and licensing.
When the interviewer asked about the authorities’ concerns over the KYC and Anti-Money Laundering aspects, Bankman-Fried explained that these requirements vary according to each region.
He further added that a need for clear regulations is much needed in the crypto-space and he is willing to participate in the discussions with the regulators. Currently, there is no clear stance offered by the governments in regulations on countries such as the United States and Hong Kong.
Recently, Binance, the world’s largest cryptocurrency exchange by trade volume, is facing regulatory challenges from several countries including Japan, the UK, Hong Kong, and some European countries.
To counter such measures, FTX has recently shown efforts such as lowering the leverage limit for traders, reducing it from 100x to 20x. The company explained this measure to protect its investors and traders.
Apart from this, the exchange had announced previously that it had been audited as per the auditing standards required from the US’s “Generally Accepted Auditing Standards”.
FTX CEO also touched on the topic of Tether and explained that FTX sees the token as any other free-floating virtual currency. He explained:
“The [FTX] exchange doesn’t treat it [USDT] as necessarily one-to-one with the U.S. dollar. That’s for the market and users to determine.”