How FTX acquired its position as the “most regulated” cryptocurrency exchange
Join Our Telegram channel to stay up to date on breaking news coverage Before it failed this month, FTX distinguished itself from a number of competitors in the highly unregulated crypto business by claiming to be the “most regulated” exchange on the planet and welcoming increased government scrutiny. The strategy and tactics behind founder Sam Bankman-regulatory Fried’s agenda are now revealed in company documents, including the previously unreported terms of a deal announced earlier this year with IEX Group, the American stock trading platform mentioned in Michael Lewis’s book “Flash Boys” about quick, computerized trading. A document dated June 7 states that as part of the agreement, Bankman-Fried acquired a 10% share in IEX with the option to acquire the entire company in the next 2.5 years. The 30-year-old CEO had the chance to advocate for crypto regulation before the U.S. Securities and Exchange Commission thanks to the relationship. ...