The CEO of [Binance](/news/article/guide-to-binance-uk) tweeted on Sunday that he will sell the remaining FTX token holdings he acquired as part of his exit from Alameda's sister company, FTX, last year.

## FTX vs Binance: Binance to sell off FTX token holdings

The exchange plans to sell off its FTX token holding. Changpeng "CZ" Zhao did not specify how much of the token holding his company would sell. 

The company received the funds in FTT as part of its exit from an early equity position in FTX that it had held since 2019. According to Zhao, FTX purchased Binance's stake in the company for $2.1 billion in FTT and BUSD—the stablecoin native to Binance's exchange.

The decision comes after weeks of criticism directed at [Sam Bankman-Fried](/news/article/bankman-fried-crypto-hack-fix), for regulatory plans he put forth in a blog post recommending DeFi restrictions. He has since agreed to revise his regulatory stance.

Due to market conditions and limited liquidity, CZ expects the liquidation to take several months. He also stated that it would be done in a way that attempts to minimise the market impact on FTT.

According to CoinGecko, [FTX](/news/article/ftx-uk-warning) native token has dropped 9.5% in the last day to $23.03 from $25.55, bouncing off a drop of around $22 on Sunday.

According to Etherscan, 22,999,999 FTT, worth $584 million, were transferred from a wallet to Binance's exchange on Saturday. As per CoinGecko, this is the equivalent of 17% of the circulating supply of the token. CZ confirmed that the funds were transferred as part of the exchange's plan to liquidate its stance in its holdings.

## FTX CEO response to rumours

Caroline Ellison, CEO of Alameda Research, responded to the rumours on Saturday by [tweeting](https://twitter.com/carolinecapital/status/1589264375042707458) that Alameda had more than $10 billion in assets "not reflected" on the leaked balance sheet. Ellison said that Alameda had unnamed hedges in place and had already given back the majority of their outstanding loans.

In a Sunday Twitter thread, Zhao stated that liquidating its position in FTT was not intended to be a dig at its competitor.

Caroline Ellison [offered](https://twitter.com/carolinecapital/status/1589287457975304193?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1589287457975304193%7Ctwgr%5E0c48a34558db0fa0aa1e49b2de077b6568e651f4%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2022%2F11%2F06%2Fbinance-sells-holdings-of-ftx-token-as-alameda-ceo-defends-firms-financial-condition%2F) to purchase Binance's remaining FTT for a fixed price of $22 if Zhao also wanted to "minimise the market impact" of the move.

Binance has been the most active exchange in terms of FTT volume in the last 24 hours. According to CoinGecko, Binance accounted for 6.3% of FTT's trading volume, or $95.4 million, in the previous 24 hours.

FTX vs Binance clash: Binance to liquidate funds

## FTX UK warning - not authorized to operate in United Kingdom, warns FCA

A notification about FTX exchange's UK operations has been issued by Britain's Financial Conduct Authority (FCA). The statement said that FTX, one of the world's largest crypto exchanges, is not authorized to operate in the UK.

[The statement](https://www.fca.org.uk/news/warnings/ftx), first published on 16 September, 2022, said the FCA believed FTX might be providing financial services or products without authorization. It further stated that the firm is not authorized by the FCA and is targeting people in the UK.

Referring to FTX UK operations, the statement added that "almost all firms and individuals" who offer, promote, or sell financial services in the UK must be registered. When asked about the notice, a spokesperson of the exchange told [Bloomberg ](https://www.bloomberg.com/news/articles/2022-09-19/uk-regulator-issues-warning-on-crypto-exchange-ftx-to-consumers?sref=3REHEaVI)that they were aware of the FTX UK statement by the FCA. They also noted that among the contact info listed about the exchange, the phone numbers were incorrect, indicating a scammer might be impersonating it. 
On 19 September, 2022, Sam Bankman-Fried, the firm's CEO, [tweeted](https://twitter.com/SBF_FTX/status/1571877868963233792?s=20&t=v-X6cbEyYbmN__tYUB-R2A), reiterating that a scammer was impersonating the platform in the UK by phone. In the tweet, he stated that the exchange will never call anyone by phone and provided links that allowed access to the platform.

As of 14 October, the FCA has updated its warning against the platform to exclude the phone numbers believed to be tied to scammers. However, the regulator still warns UK citizens against engaging with the platform as it is unauthorized to operate in the country.

The statement warned UK citizens about engaging with unauthorized firms. Those who engage with unauthorized firms will not be able to access the Financial Ombudsman Service that settles disputes between companies and individuals.

There will also not be protection under the Financial Services Compensation Scheme (FSCS). If anything goes wrong and they lose their funds, they might not be able to recover the money.

## About the exchange

Launched in May 2019, FTX is a multibillion-dollar crypto exchange and trading platform owned by Bankman-Fried. It is incorporated in Antigua and Barbuda and headquartered in the Bahamas.

It has more than a million users worldwide and is available in many countries. While it is not available in the US, among other countries, it offers US citizens its services through FTX US.

The firm is not the only crypto asset firm to be put in the spotlight by Britain’s regulator for conducting business in the UK without authorization. [Binance](/news/article/guide-to-binance-uk), another major global crypto exchange, has been issued several warnings by the regulator about its activities in the UK. On 7 March, 2022, the firm was warned against undertaking any regulated activities in the UK without their written consent.

So far, only a few crypto asset firms are authorized by the regulator to operate in the UK. They include Gemini, Kraken, and Crypto.com.

FTX UK Warning from FCA

One of the top-rated cryptocurrency exchanges, FTX, has secured the auction for Voyager Digital’s assets. The [crypto firm Voyager](/news/article/voyager-crypto) confirms that FTX US made the winning bid for the company’s assets, which was $1.422 billion. 

[Sam Bankman-Fried’s](/news/article/sam-bankman-fried) exchange competed for this sale with the crypto investment firm [Wave Financial](https://wavegp.com/). Apart from that, Binance, CrossTower, and several other virtual asset firms also participated in the auction.

On Monday, the exchange issued a [press release](https://www.prnewswire.com/news-releases/voyager-completes-successful-auction-and-announces-agreement-for-ftx-to-acquire-its-assets-301633679.html) announcing the auction’s completion. It mentioned that the bidding war took place for two weeks. It has concluded with the Bahamas-based firm’s winning bid. 

Moreover, it disclosed that the accepted bid includes the future market value of the firm, which is $1.311 billion. Also, it consists of an estimated incremental value of $111 million. 

## Bankruptcy of the crypto firm Voyager

Earlier this year, in July, crypto Voyager Digital filed for [bankruptcy protection](/news/article/crypto-lending-platform-voyager) in the United States. Chapter 11 bankruptcy protection allows businesses to continue their operations while they figure out a plan for either restructuring or selling it. 

It suffered losses of around $650 million as [Three Arrows Capital (3AC)](/news/article/genesis-crypto-claim) defaulted. When filing for the protection, the company was in financial ruin as it had a debt of $1 billion. Following that, it restrained its consumers from retrieving their funds. 

## What is in store for the future of Voyager Digital?

As of now, the company has not provided much information regarding its customer’s crypto funds. However, it has been mentioned that the information regarding how the customers will be able to access their funds will be shared “as it becomes available.”

Nonetheless, it clarified that the exchange would allow its customers to stock and trade their virtual assets. However, it will be authorised after the firm’s chapter 11 bankruptcy cases are resolved. Moreover, this deal will also be completed after the conclusion of the debt issues. The expected date for its decision is October 19.





crypto lender voyager sells assets to ftx

Crypto lender Voyager's assets auctioned to FTX US

FTX is one of the top-rated crypto exchanges in the world. It was founded by renowned entrepreneurs and investors Sam Bankman Fried and Gary Wang. The exchange launched in 2019, with its headquarters in the Bahamas. 

It offers a range of services in the crypto space. In the last few years, the platform has become increasingly popular. Now, it is only behind Binance and Coinbase, according to [CoinMarketCap rankings](https://coinmarketcap.com/rankings/exchanges/). 

Are you interested in learning more about what FTX exchange is and what services it offers? Here are all the details!

## What does FTX offer?

It is a centralised cryptocurrency exchange that offers various services and products. Here are a few of them! 

1.	Various leveraged coin pairs on the exchange offer up to 3x returns. 
2.	Its futures trading allows short-term and long-term bets. You can trade assets at a set future price and date.
3.	With Spot, you can trade in over 100 pairs.
4.	Its options feature gives you call-and-put options so that you can speculate and hedge future prices by mitigating risks.
5.	It allows trading in 11 different fiat currencies, including USD, GBP, CAD, AUD, EUR, etc.
6.	Its MOVE contracts enable you to wager the change in price over time. The price change can be in either direction, and you can make a profit from it. 
7.	It has its native token, FTT, that you can stake to make profits. 
8.	The exchange also offers a range of advanced, basic, and reduce-only order types. 

## What is the FTX exchange fee?

The platform does not have a withdrawal or deposit fee. However, you have to pay for withdrawing BTC, ETH, and other ERC-20 tokens. Bitcoin withdrawals of less than 0.01 would be charged 0.1% trading fees. But your first withdrawals and withdrawals over 0.01 BTC will be free. 

On the other hand, for fiat currencies, the trading fees range from 0.02-0.07% if the amount is smaller than $5000. However, trades over this amount will be free. Moreover, if you have staked the FTTs, you would not have to pay this fee.   

## Regulation and security 

Regulation and security can be one of the main concerns of investors. However, FTX can be a safe option as it is looking to register in different parts of the world, including the [UK and the US](/news/article/ftx-expansion). Currently, it is regulated by the Bahamas Securities Commission. Also, FTX US is held by the US’s FinCEN bureau.
 
Moreover, the company rebranded LedgerX as a crypto derivatives platform, [FTX US Derivatives](https://derivs.ftx.us/), in the US. This platform is regulated by the Commodity Futures Trading Commission (CFTC). 

To ensure the security of the transactions, FTX uses the 2-factor authentication method. You might get an SMS or a notification from Google to log in on the exchange. Moreover, it also seeks help from cybersecurity firms like FBG Capital, True USD, and Circle. They audit the security and maintain transparency. 

## What is FTX token, FTT?

The exchange has also introduced its token, FTT. The token can be quite beneficial for investors for various reasons. For one, it can be staked to generate a passive income. Moreover, it allows you to pay the exchange’s trading fee. Also, it helps in futures trading by working as collateral. 

FTX is a highly reputable crypto derivatives exchange. It caters to all digital asset investors regardless of their investing exposure. The array of crypto trading services it offers allows you to make comprehensive profits. 

The firm ensures commendable security and transparency, making it a reliable choice for investors. Apart from that, as it is seeking a green signal from numerous regulators and partnering with reputable crypto exchanges like [Reddit](/news/article/reddit-partner-with-ftx-crypto), FTX might become a global leader in future. 


What is FTX crypto exchange? 

The Financial Conduct Authority (FCA), responsible for crypto regulation in the UK, has reiterated the unauthorised status of FTX. Recently,[ FCA issued a warning](https://www.fca.org.uk/news/warnings/ftx) for the consumers in the country that the exchange is working without approval. The regulating body has added the company to the list of unregistered digital asset firms. Following this, the FTX UK ban is expected. 

The crypto exchange had planned to seek[ expansion into the UK](/news/article/ftx-expansion) and European markets in March 2022. The Sam Bankman-Fried exchange pursued approval from the British regulators. However, FCA’s strict enforcement of anti-money laundering laws has not allowed the business to get the registration.

## FCA’s warning for consumers

The warning issued by the crypto market watchdog says, “We believe this firm may be providing financial services or products in the UK without our authorisation.” It cautioned the investors that they would not get their money back in case of losses. 

It also mentioned that the consumers of this service would not be eligible for Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS). Moreover, regulators advised that consumers must deal with registered firms to protect themselves financially. 

## Enforcement of crypto regulations in the UK

This is not the first instance of such a warning from the British regulating body. Earlier, they issued warnings for several virtual asset service providers. Among them, a famous firm is Binance. Last year, in June, regulators deemed the activities of Binance to be unauthorised, which led the firm to relocate its headquarters to Ireland.

Meanwhile, FCA received around 248 applications for authorisation. But only 37 are registered cryptocurrency and digital asset companies in the country. Recently, Crypto.com has been one firm to get approval. Other known names to get the approval are eToro UK, Rubicon Digital Limited, DRW Global Markets LTD, Uphold Europe Limited, etc.

## Will it lead to an FTX UK ban?

Britain’s policies have been strict for the enforcement of [regulations](/news/article/fca-crypto-regulation). The list of unapproved firms indicates that. FTX has become the latest company on the list. Regardless of the strict enforcement, the regulators have not yet pushed for a complete ban on any firm. Therefore, an FTX UK ban also looks unlikely. Nonetheless, this step may affect the company’s operations in the region. 


FTX UK ban expected, FCA iterates unlicensed status

According to a series of letters sent on Tuesday morning, the 30th of August 2022, House Committee on Oversight and Reform requested information and documents from four agencies and five digital asset exchanges. [Coinbase](https://www.cnbc.com/quotes/COIN), FTX, Binance.US, Kraken, and KuCoin were among the parties contacted about what they are doing to protect consumers from scams and combat cryptocurrency-related fraud.
 
The letters request that government authorities and cryptocurrency exchanges respond by the 12th of September with details regarding their efforts to protect customers. According to the committee, the respondents' feedback will be utilised to develop legislative solutions.
 
The letters specifically request that the exchanges produce documents dating back to the 1st of January 2009. To demonstrate efforts to combat crypto scams and fraud, as well as efforts to identify, investigate, and remove or flag potentially fraudulent digital assets or accounts, as well as discussions about "whether to adopt more stringent policies.
 
In one letter to Sam Bankman-Fried, CEO and creator of FTX, the committee states that although some exchanges evaluate cryptocurrencies before listing them, others allow digital assets to sign up with little or no verification.
 
[According to FTC analysis](https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze), more than $1 billion in cryptocurrency has been lost to fraud since 2021.
 
## Congress looks at crypto schemes developed by companies

Chainalysis, a blockchain analytics firm, discovered that [37% of crypto scam money](https://www.cnbc.com/2022/08/30/coinbase-ftx-binance-get-inquiries-from-congress-on-crypto-scams.html?__source=google%7Ceditorspicks%7C&par=google#:~:text=Blockchain%20analytics%20firm%20Chainalysis%20found,then%20vanishing%20with%20the%20funds.) last year went to "rug pulls". A rug pull is when someone lists a token on an exchange and invests in it to increase the price and market demand before selling the position at a premium and disappearing with the proceeds.

Binance US, which received an [investigation](https://www.reuters.com/legal/litigation/new-binance-class-action-likely-clears-one-hurdle-faces-plenty-others-2022-06-14/) from the committee on Tuesday, has been charged in a class action complaint with deceiving customers about the safety of investing in [terraUSD](/news/article/terra-usd) (UST) and its sister token, Luna.

The terms and conditions of the investor-crypto exchange agreement also differ, which needs to be standardised.
Agencies will continue infighting and cannot successfully implement consumer and investor safeguards relating to cryptocurrencies and the exchanges on which they are traded unless clear definitions and advice are provided. 






Congress investigates crypto firms scam protection

Coinmama

Reddit crypto involvement has [expanded with the announcement of a collaboration](https://www.msn.com/en-us/money/other/reddit-partners-with-crypto-exchange-ftx-to-help-users-manage-community-points/ar-AA10EwXX?fromMaestro=true) with cryptocurrency exchange FTX.

The partnership allows users to manage community points. It also enables users to buy Ethereum cryptocurrency via integration with FTX.

FTX, the [cryptocurrency exchange](/news/article/best-crypto-exchange-uk-reddit) run by billionaire Sam Bankman-Fried, this week confirmed that Reddit users can now manage their blockchain-based community points via the company's payment system, FTX Pay.

As part of the partnership, FTX Pay will be integrated as a payment and cryptocurrency exchange service, enabling new benefits for Reddit Community Points.

## Reddit Crypto Engagement

In 2020, Reddit introduced community points as a means to reward members for engaging with a community. These points are held in the "Vault," a user's blockchain-based wallet that also stores the collectible NFT (non-fungible token) avatars that Reddit unveiled last month. These community points are based on the Ethereum blockchain.

Reddit offers a variety of options to utilise community points, including earning community-specific memberships, voting on issues, recognising creators on the site, and submitting tips. 

Community points are shown next to a user's username as a measure of their reputation on the site. Community points can currently only be used by members of the two subreddits r/Cryptocurrency and r/ForniteBR, but Reddit wants to open it up to more communities eventually.

As community points are stored on the Ethereum blockchain, utilising them will result in gas costs or the price of making a transaction on the Ethereum blockchain.

This entails paying a charge in Ethereum, which some users might not have or may not know how to use. The Reddit partnership with crypto exchange FTX means users can now convert fiat currency (a nation's official currency, such as USD) to Ethereum to pay for those charges. That makes community points more accessible for individuals who may not be familiar with cryptocurrencies.

The FTX-Reddit crypto integration might be seen as Bankman-Fried's bet on the stability of the meme stock phenomena, which started on Reddit.



Reddit Crypto Exchange Partnership with FTX

Voyager Digital Holdings, a centralised crypto lender, has [rejected an offer from FTX](https://cointelegraph.com/news/voyager-rejects-alameda-buyout-offer-as-it-harms-customers) and its investment arm Alameda Ventures to buy out its digital assets, claiming that the moves "are not value-maximizing" and may "harm clients."

In a rejection letter submitted in court on Sunday as part of its continuing bankruptcy procedures, Voyager lending attorneys condemned the offer made public by FTX, FTX US, and Alameda on Friday to buy out all of Voyager's assets and existing liabilities, leaving the defaulted loan to Three Arrows Capital (3AC).

## Bankman-Fried proposal plan

On Friday, the three businesses linked to FTX CEO Sam Bankman-Fried proposed a plan to Voyager in which Alameda would absorb all of Voyager's assets and utilise FTX or FTX US to sell and distribute them equally among subscribers affected by the bankruptcy.

Bankman-Fried stated in FTX's news release that his idea was a method for Voyager customers to recover their losses and move on from the platform:

“Voyager’s customers did not choose to be bankruptcy investors holding unsecured claims. The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business.”

In a late-night Twitter conversation, Bankman-Fried reiterated his firm's justification for asking to purchase Voyager. He claimed that Voyager's clients had "been through enough already," and that they should be able to retrieve their assets as quickly as possible because bankruptcy processes "can take years."

## Voyager Lending Response

On Sunday, in response to Bankman-Fried proposal plan, the Voyager lending claimed:

“The AlamedaFTX proposal is nothing more than a liquidation of cryptocurrency. It’s a low-ball bid dressed up as a white knight rescue.”

It also outlined six ways in which the proposal could "harm customers," including capital gains tax consequences, unfairly capping the value of each Voyager user's account at its July 5 value, and the effective elimination of the VGX token, which would "instantly destroy in excess of $100 million in value:"

The letter further rejected claims that AlamedaFTX had a better chance of obtaining purchase bids owing to the two companies' continuous partnerships, stating: "Nothing could be farther from the truth as indicated by this answer."

For more latest crypto news, Read [Latest Moni](/news).



Voyager lending rejects FTX’s buyout offer

The cryptocurrency trading platform FTX, which was co-founded by the billionaire Sam Bankman-Fried, is reportedly in advanced talks to buy the South Korean company Bithumb, according to a person familiar with the subject.

According to the individual, who asked not to be named since they were talking about something sensitive, the companies have been in conversations for several months now. A spokeswoman for Bithumb has stated that they are unable to confirm anything at this time.

The FTX spokeswoman that we reached out to declined to respond. [According to a person who spoke](https://www.bloomberg.com/news/articles/2022-07-22/bankman-fried-s-ftx-said-in-talks-to-buy-south-korea-s-bithumb) on the condition of anonymity to Bloomberg, the two exchanges have been negotiating the arrangement for a number of months now.

As of the time this article was being published, neither Bithumb nor FTX had responded to Forkast's request for comment on the topic. Sam Bankman-Fried, the co-founder and chief executive of FTX, has provided assistance to businesses like BlockFi and Voyager Digital when those companies have experienced a liquidity problem.

Bithumb is one of only five cryptocurrency exchanges in South Korea that have been granted permission to provide cash-to-cryptocurrency conversion services.

In South Korea, Bithumb was responsible for 17.1 percent of the entire cryptocurrency trade volume in 2017, second only to the Upbit exchange in that regard. By providing financial support to struggling businesses or acquiring them outright, Bankman-Fried intends to capitalize on the current downturn in the cryptocurrency industry.

This week, persons with knowledge of the situation stated that FTX and its American company FTX US are in talks to acquire fresh financing. If successful, this would put Bankman-Fried in a position to continue his deal-making frenzy, which has seen him commit almost one billion dollars so far.

According to the data provider CoinGecko, the cryptocurrency trading platform Bithumb, which was established in 2014, presently handles an average daily volume of trades worth approximately $569 million.

It was one of the crypto exchanges in South Korea whose premises were raided this week by local prosecutors as part of an expanding probe into Terraform Labs following the failure of the TerraUSD stablecoin in May. The investigation comes as a result of the collapse of the TerraUSD stablecoin. 

For more developments on the crypto news go to [Latest Moni](/news).


Bankman Fried's FTX is now in discussions to acquire Bithumb

Shares of Robinhood, a struggling stock trading platform, surged 14 percent on Monday after reports that crypto millionaire Sam Bankman-Fried's firm FTX is considering a possible acquisition of the company.
Amongst behemoths like Coinbase and Binance, FTX has also grown to be one of the most popular and largest ($10 billion average daily trading volume) cryptocurrency exchanges in the world. The UK market woke up to the news that FTX is "deliberating internally" on how to acquire Robinhood, Bloomberg reports.

It was around 3 p.m. ET when the news of FTX's possible interest in Robinhood came to light. About ten minutes later, trading had resumed. In a statement, Robinhood refused to respond to questions. A message left for FTX seeking comment was not immediately returned.
A takeover of Robinhood has not yet been formally approached by FTX, according to the sources, and the company has yet to make a final decision. In an email to Bloomberg, Sam Bankman-Fried (SBF) stated, "We are enthused about Robinhood's business possibilities and the possible ways we could collaborate with them. However, there are [no active M&A discussions taking place with Robinhood](https://www.reuters.com/markets/deals/bankman-frieds-ftx-seeking-path-buy-robinhood-bloomberg-news-2022-06-27/)”. 

Company documents show that Robinhood co-founders Vlad Tenev and Baiju Bhatt hold more than half of the company's voting power. Emergent Fidelity Technologies, a firm owned by SBF, purchased a 7.6 percent investment in Robinhood (HOOD) valued at $648 million in an SEC filing weeks earlier. The third-largest shareholder Emergent, a SBF founded company, was founded with the purpose of this purchase. Because it was "an attractive investment," the company stated in the petition. Subsequently, after the news was clarified the share price of HOOD started correcting towards market close yesterday. We will see if the sell off remains at the US market open.

This year, [Robinhood introduced a crypto wallet feature](https://www.monitalks.io/news/article/robinhood-crypto-wallet). It's been a rough year for investors in Robinhood, which has seen its stock fall by more than half since January, as the market struggles to recover from the fallout from the COVID-19 outbreak that made the business famous among retail "meme stock" traders.

According to Robinhood's first-quarter financial results released in April, the company lost $392 million. Annual revenue fell 43% to $299 million in the third quarter, and the business admitted that its monthly active user base had shrunk. The rapid expansion of the company's employees had resulted in job overlap and the company had to lay off 9% of its workers in that month.

## Can you use Robinhood and FTX in the UK?

Robinhood is registered with the SEC and only available for US citizens. There are no current plans reported by Robinhood to expand into the UK. "We are looking into the UK and thinking about expanding into the U.K. and we are just starting discussions with the FCA," Patrick Gruhn, head of FTX Europe told [CoinDesk](https://www.coindesk.com/business/2022/03/29/ftx-europe-in-talks-with-the-fca-to-expand-into-the-uk/) in an interview at the end of March.





FTX founder says no talks to buy Robinhood

[FTX](https://ftx.com/), a cryptocurrency exchange, wants to expand into the United Kingdom and has begun negotiations with regulators to dominate the European market.

## How Will This Happen?

FTX's market regulation concepts and plans include numerous critical areas. To begin, authorities could propose a principles-based approach to overseeing spot and derivatives crypto trading markets, leveraging current policy goals that apply to traditional capital and derivatives markets. Customer and investor protection, market integrity, financial crime prevention, and overall system safety and soundness are among the objectives. If enacted, regulations that promote these goals will apply equally to all markets for crypto assets trading.

Second, FTX and other crypto platforms have introduced significant trading innovations, which should be preserved under a sound framework. This is because they reduce risk, increase capital efficiency, and safeguard investors, all of which benefit the general public. Among the key innovations are:

•	Automated risk-management systems that ensure customer accounts trading multiple assets do not go net negative across customer positions.

•	24/7 trading hours, which reduces risk.

•	Permissioning a non-intermediated market structure gives all investors equal access to the market and helps minimize conflicts of interest.

•	Free-market data aligns the platform operator's interest with the investors.

Third, a useful framework would enable crypto platforms to provide both spot and derivatives trading on crypto assets under a single unified system. A single rule book and technological platform would control risks associated with all trading activity in customer accounts. Regulatory frameworks were formed in mature countries, such as the United States, in response to fragmented markets for securities, commodities, and derivatives on such assets. FTX has shown that combining markets for both assets and derivatives provide significant benefits to market participants.

Because of the risk-reduction and customer-protection benefits of this one rule book paradigm, public policy should allow it.

Regulators in countries with multiple market regulators, such as the US, should collaborate and use their authorities when appropriate to accommodate this paradigm for crypto assets. Simultaneously, legislators could remedy any remaining gaps not adequately addressed under current powers.

Fourth, an acceptable regulatory framework for crypto-asset market regulation should be market-structure agnostic and explicitly permit non-intermediated markets. It could also take a functional approach, requiring the platform operator to disclose policies and procedures addressing critical issues like:

•	asset custody

•	key platform features related to the lifecycle of a trade

•	reporting of market activity to supervisors

•	provisioning market data to platform users

•	ensuring adequate financial resources

•	ensuring stable coins used on the platform are subject to adequate standards

•	protecting against cyber-attacks and financial fraud

More [Business news](/news/category/crypto-business-news).


FTX Seeks UK and Europe Expansion

The adoption of blockchain technology continues apace with new and exciting avenues, presenting themselves on a weekly basis.

There is no more exciting environment than virtual reality and the metaverse right now. It seems as if these two worlds are the perfect fit for blockchain technology.

## GameFI Eco-System Fund

With this in mind, cryptocurrency trading giant FTX released details today of a brand new investment fund targeting [Gamefi](https://hub.gamefi.org/#/), the Metaverse and Web 3.0 companies. As a joint venture between FTX, Solana Ventures and LightSpeed Venture Partners, the ‘GameFi Eco-System Fund’ is allocating $100 million to invest in gaming studios, technology companies and ‘other projects’.

## Web 3.0

Web 3.0 can be thought of as the next evolutionary step of the internet. Through the use of artificial intelligence, decentralised networks and blockchain technology, the internet is set to undergo a revolutionary transformation. With many people viewing the evolution of Web 3.0 as less than 2 years away, the launch of the ‘GameFi Eco-System Fund’ is evidence that large investors are taking this space seriously.

This new version of the internet will be faster, fairer and have less need for central points of control and authority. Now, artificial intelligence and machine learning take the leg work out of administering and authenticating internet content.

## Play to Earn

Amy Wu of LightSpeed Venture Partners said gaming was a massive opportunity to ‘bring the next billion users to Web 3.0’. The global gaming market is currently estimated to be worth around $100 billion. Many analysts are expecting those figures to double in the next two years due to new concepts, which appeal to a much wider audience.

Mobile games like Axie Afinity and HeroFi have shown how blockchain technology and NFTs can be successfully incorporated into the gaming universe. Play to Earn gaming concepts have become huge hits in the Far East. Users can generate, trade and earn cryptocurrency by simply playing games on their mobile phones.

More [GameFi news](/news/category/gamefi).


Latest Moni

Latest FTX News

Read the latest FTX news.

FTX vs Binance clash: Binance to liquidate funds

FTX UK Warning from FCA

Crypto lender Voyager's assets auctioned to FTX US

What is FTX crypto exchange?

FTX UK ban expected, FCA iterates unlicensed status

Congress investigates crypto firms scam protection

Is a Free NFT Giveaway Legit?

Pi Network News: Pi Going Global?

FTX vs Binance clash: Binance to liquidate funds