• The CEO of FTX is critical of the industry’s stance on Russia sanctions

  • The crypto sector has been chastised by FTX CEO Sam Bankman-Fried for badly explaining its views on Russian sanctions.

    SBF Claims Messaging Isn’t Helpful

    Sam Bankman-Fried, in a statement on March 18, blasted other cryptocurrency exchanges for their ambiguous compliance with sanctions targeting Russian oligarchs.

    Bankman-Fried expressed his dissatisfaction with “the messaging that [the crypto] sector has had on this,” claiming that public pronouncements from some companies have been detrimental. He stated, “

    “I believe it’s been interpreted as basically anti-regulatory, and I think that’s how it sounds, and I think that’s generated a very large perception problem.”

    Bankman-Fried maintained that this was a matter of perception and presentation rather than trade policies.

    “I don’t believe it’s about the content of the choices…

    It’s all about how they’ve been presented,” he explained.

    Bankman-Fried is most likely referring to CEO statements from major exchanges. Companies such as Kraken, Binance, and Coinbase have all complied with specific sanctions against Russia while simultaneously claiming that larger measures are unnecessary.

    Sanctions are strictly enforced by FTX.

    FTX has followed in the footsteps of other exchanges by excluding sanctioned Russians from using its services while allowing non-sanctioned Russians to do so. Russian banks, both sanctioned and un-sanctioned, have also been barred by the exchange.

    FTX, on the other hand, has been more vociferous about the limits’ scope. Bankman-Fried said in a new interview that there are “a lot of mechanisms in place” that make it difficult for Russian oligarchs to use crypto efficiently. Banks, persons, and tokens engaged in a transaction are all subject to sanctions checks, according to him.

    He also stated that FTX’s cooperation with regulators in enforcing fines has been “very productive.” When asked about Senator Elizabeth Warren’s new bill, which attempts to strengthen sanctions against Russia, he remained nothing.

    With $2 billion in trading activity in the last 24 hours, FTX is currently the fourth largest exchange by trading volume. FTX.US, its American counterpart, handled an additional $180 million in volume.

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