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FTX launches licensed crypto exchange service in Japan

Quick Take FTX has launched FTX Japan to cater to its Japanese crypto trading customers. FTX Japan is the result of a previous acquisition of the licensed Quoine crypto exchange. Crypto exchange giant FTX has launched its Japanese cryptocurrency trading service called FTX Japan, the company announced on Thursday. FTX Japan is the result of FTX’s prior acquisition of Liquid Group in February. Liquid was the parent company of Quoine Corp., one of the first crypto exchange platforms licensed in …

FTX surpassed Coinbase as second-biggest centralized crypto exchange in May

FTX overtook Coinbase’s spot in May as the second biggest centralized crypto exchange in terms of market share, according to data compiled on The Block Research. The dominant player in the market was still Binance by far, which commanded a 64.1% share, followed by FTX (10.8%) and Coinbase (9.6%) during the monthly period. Coinbase has recently faced some struggles, posting a net loss of $430 million for Q1 2022 and falling on the stock market by roughly 36% in May. …

FTX says farmers don’t need to worry about its US derivatives proposal

As FTX looks to convince market participants to get on board with its proposal to launch crypto-tied derivatives in the US, there’s one unusual group the exchange operator is looking to assuage: American farmers. FTX president Brett Harrison took to Twitter this weekend to comment on an article published by the Financial Times that highlighted the concerns of some groups in the agricultural industry. While FTX and its American affiliate FTX.US are known for operating in digital assets, FTX’s proposal …

Anthony Scaramucci says institutions “ready to pounce” on spot bitcoin ETF

Episode 47 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Anthony Scaramucci, Founder of SkyBridge Capital and Chair of SALT. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] As Anthony Scaramucci explained during his last appearance on The Scoop, his firm SkyBridge Capital began investing in bitcoin near the end of 2020.  Just under two years later, Scaramucci is positioned near …

Bankman-Fried says FTX prepared to spend billions on acquisitions: Bloomberg

Crypto exchange FTX is ready to spend billions of dollars for stakes in other companies, Chief Executive Officer Sam Bankman-Fried told Bloomberg in an interview. The billionaire CEO, who’s also a co-founder of FTX, said on Friday that recent fundraising of more than $2 billion by the company and its US entity may be used for the investments aimed at expanding its range of services to its customers. “FTX is a profitable company,” he said. “You can look at the …

What’s next for FTX’s proposal for crypto derivatives trading in the US?

Despite pushback from some in traditional finance, FTX’s proposal is in the hands of the CFTC. That’s good news for the crypto exchange.  Yesterday, the Commodity Futures Trading Commission hosted a roundtable discussion on disintermediation, largely prompted by a much-discussed proposal from FTX, though the commission emphasizes that other proposal also aim to disintermediate clearing.  There’s been plenty of criticism of FTX’s proposal. Some have said it puts too many eggs in one basket when it comes to risk along …

Crypto exchanges signal support for Terra’s ‘rebirth’

Crypto exchanges are throwing their weight behind Do Kwon’s audacious plan to raise Terra from the ashes of a devastating collapse earlier this month. In the last 12 hours, Huobi, Bitfinex and Bitrue have all tweeted their intention to support new versions of Terra and its native token LUNA. On his own Twitter, Terraform Labs CEO Do Kwon retweeted posts from each exchange as evidence of support for Terra 2.0. He also retweeted a post from Sam Bankman-Fried’s FTX — which has …

CFTC roundtable on FTX proposal highlights barriers in clearing of digital vs physical assets

Cotton or oil markets cannot settle like Bitcoin — a fairly obvious point, but the distinction between the two was at the center of a May 25 roundtable hosted by the Commodity Futures Trading Commission. The roundtable centered on the CFTC’s consideration of a proposal from crypto exchange FTX to disintermediate derivatives trading on its platform.  Stakeholders from the derivatives trading industry appeared in force, with representatives from exchange operators CME and ICE joined by others from Citi, Goldman, FTX, …

At CFTC panel, CME exec slams FTX proposal by drawing comparison to Terra’s collapse

The opposition by CME to FTX’s proposal for margin disintermediation continues to play out in the public eye.  The Commodity Futures Trading Commission is hosting a roundtable discussion on Wednesday related to crypto exchange FTX’s proposal to disintermediate derivatives trading.  Among 31 panelists in attendance is Sean Downey, an executive director at CME, the leading source of derivatives trading in the US today.  Downey criticized FTX’s proposal as based on several assumptions, saying that “one is essentially that an algorithm …

FTX CEO says he could spend ‘north of $100 million’ during US elections in 2024

Sam Bankman-Fried, chief executive of crypto exchange FTX, said Tuesday that he could spend significant funds during the 2024 election cycle in the United States. Speaking to host Jacob Goldstein of the What’s Your Problem? podcast, Bankman-Fried spoke about his funding efforts in US elections to date and how that work might evolve in the lead-up to the 2024 presidential election when incumbent President Joe Biden could face former President Donald Trump in an electoral rematch. When asked about specific …