Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, believes that the introduction of new tools and procedures for customer identification will help reduce regulatory pressure on exchanges.
According to him, the FTX exchange always tries to meet the rapidly changing requirements of American regulators. At the moment, the exchange is introducing verification of customer phone numbers. Sam Bankman-Fried said:
“Along with our development as a company, we are constantly developing our checks, finding and implementing new identification procedures. We check customer phone numbers and their compliance with user data. If there is not enough data, or the checks do not work, we require additional identification to access some exchange functions, for example, futures. ”
The FTX CEO stressed that the company is constantly looking for new user identification tools that will minimize the inconvenience to customers. FTX is trying to outperform its main competitors – Coinbase and Binance – in terms of customer identification.
At the same time, even if the user does not want to go through verification, no restrictions on the withdrawal of funds are planned to be introduced. Such blocking is possible only if the actions of users are related to money laundering, fraud or other crimes.
Bankman-Fried believes that within three to five years, the regulatory environment in the cryptocurrency industry will become much more transparent and clear. Recall that a few weeks ago, the FTX exchange attracted investments for $ 900 million, after which the company’s capitalization exceeded $ 18 billion.
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