{"id":64250,"date":"2023-11-12T06:17:25","date_gmt":"2023-11-12T10:17:25","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=64250"},"modified":"2023-11-12T06:20:31","modified_gmt":"2023-11-12T10:20:31","slug":"former-ftx-execs-launch-new-crypto-exchange-with-dubai-license","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/former-ftx-execs-launch-new-crypto-exchange-with-dubai-license\/","title":{"rendered":"Former FTX Execs Launch New Crypto Exchange with Dubai License"},"content":{"rendered":"\n

A group of former FTX executives, led by Can Sun, the former FTX general counsel, is launching a new cryptocurrency exchange with a license from the Dubai Virtual Assets Regulatory Authority<\/a>. The exchange aims to address the issues that led to the bankruptcy of FTX.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

In the aftermath of the FTX bankruptcy, a group of former FTX executives, led by Can Sun,<\/strong> the former FTX general counsel, is joining forces to establish a new cryptocurrency exchange. <\/p>\n\n\n\n

The initiative aims to address the issues that led to the downfall of their previous employer. Sun, a key witness in the criminal trial of ex-FTX CEO Sam Bankman-Fried (SBF), testified against SBF under a no-prosecution agreement.<\/p>\n\n\n\n

The Wall Street Journal reports\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> that Sun is spearheading the new exchange, which is set to launch in beta later this month. The venture seeks to sell a 10% stake to investors at a valuation exceeding $100 million.<\/strong><\/p>\n\n\n\n

Sun\u2019s involvement was not initially disclosed when Backpack, <\/a>the Web3 digital wallet company founded by Armani Ferrante, announced the exchange last month. <\/p>\n\n\n\n

Claire Zhang,<\/strong> Ferrante\u2019s wife and a former legal deputy of Sun\u2019s, is also part of the executive board of Trek Labs, the Dubai-based entity operating as Backpack Exchange.<\/p>\n\n\n\n

Trek Labs has obtained a license<\/use><\/svg><\/span><\/a> from the Dubai Virtual Assets Regulatory Authority (VARA), regulating digital assets in the region. Sun\u2019s Trek Labs employs former FTX legal and compliance staff, with transparency being a key focus. <\/p>\n\n\n\n

The former FTX general counsel emphasized the importance of trust and transparency in the post-FTX landscape.<\/p>\n\n\n\n

Backpack Exchange plans to utilize Backpack\u2019s technology to enable users to hold funds in their own \u201cself-custody\u201d<\/em> crypto wallets, employing multiparty computation techniques for added security. <\/p>\n\n\n\n

Users will have the ability to verify their holdings independently.<\/p>\n\n\n\n

FTX, under SBF, faced issues where customer and company funds were commingled, leading to a substantial loss of customer deposits. <\/p>\n\n\n\n

Having cooperated with federal prosecutors, Sun aims to build a crypto exchange with a commitment to trust and transparency, setting it apart in the evolving crypto landscape.<\/p>\n\n\n\n

The launch of the new exchange is expected to have a positive impact on the crypto industry, as it offers a regulated and secure platform for trading digital assets. <\/p>\n\n\n\n

The exchange also benefits from the Dubai license, which gives it access to a large and growing market in the Middle East.<\/p>\n\n\n\n

The new exchange also poses a challenge to the existing players in the crypto space, especially FTX, which is still struggling to recover from its bankruptcy and legal troubles. <\/p>\n\n\n\n

The new exchange could attract former FTX customers and investors who may be looking for a more reliable and transparent alternative.<\/p>\n\n\n\n

The new exchange also represents a personal redemption for Sun and his team, who were involved in one of the biggest financial scandals in crypto history. <\/p>\n\n\n\n

By launching a new exchange with a different vision and values, they hope to restore their reputation and credibility in the crypto community.<\/p>\n","protected":false},"excerpt":{"rendered":"

A group of former FTX executives, led by Can Sun, the former FTX general counsel, is launching a new cryptocurrency exchange with a license from the Dubai Virtual Assets Regulatory Authority. The exchange aims to address the issues that led to the bankruptcy of FTX. In the aftermath of the FTX bankruptcy, a group of […]<\/p>\n","protected":false},"author":44,"featured_media":64255,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[17163,17162,1406,1870,9567],"class_list":["post-64250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-backpack-exchange","tag-can-sun","tag-crypto-exchange","tag-launch","tag-vara"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/Ex-FTX-Execs-Launch-New-Crypto-Exchange-with-Dubai-License.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/64250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=64250"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/64250\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/64255"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=64250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=64250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=64250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}