Behind the economy .. Bankman .. Godfather of "crypto" to Singapore
Sam Bankman.
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There are no major cryptocurrency exchanges in the world, such as Binance and FTX, in the United States, yet their founders were raised in America, and their professional roots stretched back to Wall Street.
Because the laws of the United States prevent these trading tycoons from offering the preferred products to cryptocurrency investors, they have left the United States abroad, and intend to continue to move, to search for sites hosting their activities to avoid the crackdown, which some countries of the world are leading against cryptocurrency exchanges and derivatives, says FTX founder and CEO Sam Bankman, who operates out of his platform's base of operations in Hong Kong.
According to American media, Bankman's fortune amounts to about eight billion dollars, as his company specializes in crypto and derivatives activities, which are prohibited in the United States. Despite this, the FTX platform succeeded in raising $ 900 million, this week, to fund a global expansion of $18 billion.
Derivatives exchanges allow traders to get a huge amount of leverage, up to 101 times on the FTX platform, and up to 125 times on the Binance platform.
Since last June, the Binance platform has been targeted by financial officials in Britain, Hong Kong, Lithuania, Italy, Poland and Thailand, and with regulators in Hong Kong pointing to possible restrictive rules soon, Bankman has commented that he is considering a move to Singapore.
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