Conversation

SBF
@SBF_FTX
Replying to
@SBF_FTX
13) Well, we've come a long way, I guess. I think the ABS conference was the first time I really saw clearly what FTX could become. Between then and now has been executing on that vision. And trying to do it right.
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SBF
@SBF_FTX
14) We've had missteps. I'll never forget what happened the first time I tried managing a company, and realized I didn't know what to do when people were unhappy. That was a learning experience. And I've certainly said my fair share of things I wish I could take back.
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SBF
@SBF_FTX
15) But I guess our focus, always, has been to keep improving, in real time: to keep growing, and to understand what our role is and should be, and to keep building towards that. In part, that means products.
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SBF
@SBF_FTX
16) We've spent a long time iterating on the products we offer, and their execution. Whenever someone says they prefer another site, that means we fucked something up, and we should figure out what. We try, as best we can, to always do a good job.
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SBF
@SBF_FTX
17) It also, of course, means regulation. The industry is evolving, as are regulators stances, but the truth is there's always been regulation in crypto, and we've always had duties. We've had duties to know our customers, and to prevent money laundering, from day 1.
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SBF
@SBF_FTX
19) We've recently started working with Inca to expand our monitoring. Using NLP they identified ~0.01% of volume that might be from restricted jurisdictions submitting false info; we've restricted those accounts. We've also added another layer to our KYC process to prevent it.
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SBF
@SBF_FTX
20) And we've restricted particular products from particular jurisdictions, and reduced the maximum leverage, in response to updates from regulators, users, and the industry. But by and large we've always had regulatory duties, and we built FTX with that in mind from the start.
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SBF
@SBF_FTX
21) And it means getting licenses where we can. It's not always a quick process, but it's an important one. We're going through it in a number of jurisdictions right now, and I'm optimistic that they'll bear fruit.
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MK
@peter_holm1
Replying to
@SBF_FTX
That eases my mind a bit regarding the futures/derivatives shutdown on binance. If you could comment more on the situation and the chances of it happening on FTX, that would be great. Getting a bit worried here
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