The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Regulatory clarity for crypto demands 3 to 5 years

By
Redakcja
-
3 min reading

Sam Bankman-fried DEO of FTX is looking forward for the government to have a much stronger stand in the upcoming three to five years and he also expects do be a part of the discussion with the regulators “to build out this regime.”

Sam Bankman-fried DEO of FTX is looking forward for the government to have a much stronger stand in the upcoming three to five years and he also expects do be a part of the discussion with the regulators “to build out this regime.” To have a successful crypto business it takes a lot of time and patience with proper attention towards the cloud of regulatory changes advised by governments. Sam Bankman-fried, CEO of leading company crypto exchange FTX.

In his conversation with CNBC, Bankman-Fried explained FTX’s efforts to be on the top of the constantly changing regulatory landscape. In connection to this action the entrepreneur said his company’s push towards applying for licenses around countless jurisdictions. He also mentioned the necessity to be active to change the regulatory landscape. “I’m spending five hours a day on everything from regulation to licensing and everything in between.” 

Throughout the discussion the CNBC regulator asked about the Know your customer (KYC) and Anti-Money Laundering (AML) front, the FTX CEO mentioned that the KYC and AML requirements change for each jurisdiction. Predicting the need for more changes in the regulatory space, Bankman-Fried wants governments to have a strong stand in the next three to five years. he also believes that governments control this area to give an idea for managing a crypto business. Talking about the topic related to Tether (USDT) and its disputable news of U.S dollar backing, Bankman-Fried mentioned that FTX treats USDT as any other different free-floating crypto. 

“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.” Nevertheless, the CEO says he hasn’t seen any report which states that USDT should be priced superiorly away from the U.S dollar. According to a recent report the last week displayed FTX’s attempt to diminish trading risk by controlling the leverage on its crypto exchange. The 80% drop FTX users can now purchase their trades up to 20x which was standing at 10x before. This exchange has not resulted in any decrease in the daily trading volumes after the declaration. 

Currency Exchange rate Buy cryptocurrency

The new DEFI platform enters the market! Earn passively - token sale 0.25 $

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.