Securities Label in SEC Insider Case May Have Broad Crypto Impact cpapracticeadvisor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cpapracticeadvisor.com Daily Mail and Mail on Sunday newspapers.
Fake Synthetic Equities Now Trade 24/7 On Crypto Exchanges zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
by Tyler Durden
Sunday, Apr 18, 2021 - 07:55 PM
29 year old billionaire Sam Bankman-Fried was fed up with how crypto traded, so he did something about it: he started his own crypto exchange, FTX, which now processes $10.7 billion in trades per day.
His exchange lets people not only trade equities 24 hours a day, but also bet on props like whether or not Donald Trump will retake the presidency in 2024, according to a recent profile by the Wall Street Journal. It became popular due to Bankman-Fried s commitment to donating 1% of its revenue to charity - and keeping the exchange reliable.
Recently, FTX made news when it bought the naming rights to the former American Airlines Arena - the home of the Miami Heat - for $135 million. The offshore exchange is far more exciting than Coinbase to many crypto traders because it operates outside the reach of U.S. authorities and offers both cryptos and derivatives.
Provided by Dow Jones
By Alexander Osipovich Want to trade Tesla Inc. 24 hours a day? How about betting on how Robinhood Markets Inc. stock will fare in its initial public offering? Or on whether Donald Trump will retake the presidency in 2024? All that and more is available on FTX, one of the world s fastest-growing cryptocurrency exchanges but not if you re American. In that case, the hottest and riskiest markets of this Hong Kong-based exchange are off limits, a move FTX made to keep from running afoul of U.S. regulators. FTX is the brainchild of Sam Bankman-Fried, a 29-year-old billionaire who sticks to a vegan diet, shares a Hong Kong apartment with roommates and often sleeps on beanbag chairs in the office. The California native drew attention last year when he gave $5 million to a group backing Joe Biden s campaign, making him the second-biggest CEO supporter of Mr. Biden after Michael Bloomberg, according to an analysis by The Wall