Crypto Exchange FTX Moves to Bahamas After China Crackdown
I mean whats your reaction to this, and how did you make the decision to move to the bahamas of all the options out there? So you know, i think that weve been looking at the bahamas for a while um theyre, one of the first uh countries to roll out any comprehensive regulation for cryptocurrencies, which we think is extremely important for the space and a really positive sign. Uh. We are regulated uh there by the securities commission um and are excited to take part in that uh, its also really important for us to be in a place where we can go on business trips, where there isnt quarantine um. This has been something which i think has been in the works for a while um and uh uh, and and has been taking place for a while and was not not. I think, particularly in response to any very recent news. China has said it is going after chinese nationals. Anyone working for overseas cryptocurrency exchanges will be investigated according to the law. Are you at all nervous? You know about yourself about your employees. Whove been working for ftx now for some time. I dont think that this is as big of a change as many people are seeing it to be thats, not to say it wont, have impact and thats not to say that it isnt an update uh. But this is not the first time that weve heard statements that sound like this uh coming out of china.
You know even this year, um its probably not even the second time um. This is something that happens um. It generally is a signal of a further crackdown on some part of the industry. Time will tell what that part is. I would not be surprised if it looked at peer to peer rmb to cryptocurrency markets, but frankly could be looking at a lot of different angles. So you know, i guess more broadly, what does this actually mean in your view, for the industry i mean. Certainly, this crackdown in china has been looming for a while, but were also expecting some regulatory action in the united states regulatory action in europe. And if that happens, what does that mean for for the industry more broadly and where the growth and the opportunity and the promise is going to come from, i mean its going to really depend on exactly what form it takes, and i think that what im optimistic For is that there is going to be new regulation coming out for the industry that will help to ensure that theres consumer protection, that theres transparency um, that it is a you know, industry with oversight, but that in doing so will make it a stronger industry and It will actually make it um, you know a place that can grow with more institutional involvement, um and and – and i im optimistic that thats, where the world will end up. Obviously, there is a risk that it takes a different direction and that instead, you see uh, you know, regulation coming out that effectively uh.
You know shuts down uh large swaths of the sector um. I i think that it would surprise me if that happened in a sort of coordinated way across the globe uh, but its always a possibility. Did you have a sense? This increased pressure was coming from china. Did you get any signals or uh anything from authorities? I dont think we had a sense that anything was coming. You know today in particular, i think there are always rumblings coming out about various actions, but i its hard to know when something uh, really specific or big, is gon na happen. I think we heard rumors of this. You know probably happening a little bit before it. It hit the uh airwaves but um, but i i think that mostly this was not something that that the industry was anticipating to happen today. Meantime last time you and i spoke, it was about happier news. You had brought on steph curry. As an advisor along with tom brady. I got to speak to steph curry a couple of days later. He said hes excited about ftx and excited about the possibility of crypto to open up economic opportunities. Uh for underrepresented communities, talk to us about your work with the two of them so far, and how a celebrity endorsement like that can really make a difference. Yeah weve partnered on a few things. Obviously you know weve um had some conversations with them taking part in some panels.
Um, you know had an advertisement which involved uh tom brady, but weve also been partnering with them on the charitable side. Um and are excited to continue. Doing so to you know, be supporting the foundations that are important to uh to all of us um, and i think that you know to sort of echo what steph said. I think that you know when you look at unbanked or underbanked communities.