{"id":7443,"date":"2021-08-09T11:34:41","date_gmt":"2021-08-09T10:34:41","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=7443"},"modified":"2021-08-09T11:34:45","modified_gmt":"2021-08-09T10:34:45","slug":"ftx-ceo-believes-kyc-tools-can-be-useful-to-the-us-crypto-market","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ftx-ceo-believes-kyc-tools-can-be-useful-to-the-us-crypto-market\/","title":{"rendered":"FTX CEO believes KYC tools can be useful to the US crypto market"},"content":{"rendered":"\n
FTX is putting in measures to adapt to the issues of regulations around the crypto industry<\/a>, considering the fact that many crypto firms have had to close their doors because of the ongoing government scrutiny.<\/h5>\n\n\n\n
\"FTX<\/figure>\n\n\n\n

FTX CEO Sam Bankman-Fried has been public about his continuous efforts to adapt to evolving restrictions around running crypto firms, declaring FTX's efforts to create tools for streamlining its Know Your Customer (KYC)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> processes in the midst of the crackdown.<\/p>\n\n\n\n

\u201cAs we've grown as a company, we've expanded our checks, finding and adding additional signals,\u201d Bankman-Fried explained.<\/p>\n\n\n\n

He also mentioned that FTX now has a new function that verifies a user's jurisdiction based on their registered phone number.<\/p>\n\n\n\n

\u201cWe check users\u2019 phone numbers against their submitted names in KYC1, in order to further verify them. When this doesn\u2019t work or there isn\u2019t data, we\u2019ll require KYC2 to access some features of the site, including futures.\u201d<\/p><\/blockquote>\n\n\n\n

When speaking about FTX's US operations, Bankman-Fried emphasized the company's ongoing efforts in “searching for more tools to confirm identity, hopefully, while minimizing the hassle for users.” Bankman-Fried hopes that this effort will help the company experience “smoother” operations within US jurisdictions<\/a>.<\/p>\n\n\n\n

FTX is now attempting to outperform competitors such as Binance and Coinbase. According to Cointelegraph, the CEO earlier stated that acquiring Goldman Sachs and the Chicago Mercantile Exchange \u201cis not out of the question at all\u201d if the company can overcome all crypto businesses to become the largest exchange.<\/p>\n\n\n\n

Bankman-Fried emphasized the importance of investors' finances and safety in conjunction with the news about the KYC-related upgrade.<\/p>\n\n\n\n

He further informed investors that withdrawals would be unrestricted unless the exchange could link the user's behaviour to money laundering and theft.<\/p>\n\n\n\n

As a result, the crypto exchange will continue to use two-factor authentication and other anti-theft measures<\/a>.<\/p>\n\n\n\n

Bankman-Fried recently spoke about the urgent need for clarity in crypto policy, expressing support for FTX's efforts to obtain licenses in many jurisdictions.
The FTX CEO claimed to spend \u201cfive hours a day\u201d on regulatory and licensing-related operations as a result of this.<\/p>\n\n\n\n

In the next three to five years, the CEO believes governments will have a clearer stance on crypto legislation, and he aims to comply with KYC and Anti-Money Laundering procedures specific to each state they serve.<\/p>\n","protected":false},"excerpt":{"rendered":"

FTX is putting in measures to adapt to the issues of regulations around the crypto industry, considering the fact that many crypto firms have had to close their doors because of the ongoing government scrutiny. FTX CEO Sam Bankman-Fried has been public about his continuous efforts to adapt to evolving restrictions around running crypto firms, […]<\/p>\n","protected":false},"author":12,"featured_media":7451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[2051,778,961,884],"class_list":["post-7443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-crypto-markets","tag-ftx","tag-kyc","tag-regulations"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/FTX-CEO-believes-KYC-tools-can-be-useful-to-the-US-crypto-market-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7443","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=7443"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/7451"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=7443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=7443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=7443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}