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☆ Asia promotes crypto clarity amid regulatory uncertainty in the U.S.
▼ + stars: | 2023-08-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Earlier this month, Hong Kong officially opened crypto trading to retail investors and upgraded licenses of two exchanges. "This will further boost investor confidence, making Hong Kong more attractive as a potential global virtual asset hub," said Lai. He concluded some crypto firms could leave the U.S. for more progressive jurisdictions as a result. Asia's regulatory clarityAcross the Pacific, Singapore and Hong Kong offer far more operational clarity for many industry players "Singapore has the first mover advantage in the Asia Pacific region, including being ahead of Hong Kong. watch nowSingapore's Payment Services Act — a framework for regulating payment services and the provision of crypto services to the public — came into effect in January 2020.

Persons: Ben Charoenwong, Lennix Lai, Lai, Ong Chengyi, Chainalysis, Hong, Blockchain.com, Ripple, Hong Kong, Janice Goh, Coinbase, Binance, Brad Garlinghouse, Goh Organizations: Getty, Nurphoto, National University of Singapore Business School, Monetary Authority of, Cavenagh, U.S . Securities, Exchange Commission, SEC, CNBC, MAS Locations: Victoria Harbour, Hong Kong, China, Asia, U.S, Hong Kong . Hong Kong, Singapore, Monetary Authority of Singapore, Thailand, Indonesia, Hong, Pacific

☆ A crypto exec shares details of his phone calls with Sam Bankman-Fried days before FTX imploded
▼ + stars: | 2022-11-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today, we're zooming in on the revealing calls that took place just before the fall of FTX, between Sam Bankman-Fried and a rival exec. Sam Bankman-Fried, the recently dethroned king of crypto, had been making a lot of calls seeking a lifeline before his firm crumbled. Bankman-Fried, Lai added, sounded calm and admitted the liquidity crunch was his own fault. "We think prices need to drop by about 20% from their spring peaks in order to reach a sustainable level." Coinbase stock Markets Insider10.

☆ A top exec at OKX explains his call with Sam Bankman-Fried as FTX scrambled for a rescue - and why he couldn't give him a billion-dollar lifeline
▼ + stars: | 2022-11-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

In an interview with Insider, the director of financial markets for OKX recounted two phone calls he had with Sam Bankman-Fried before FTX collapsed. Bankman-Fried initially asked for $1 billion to $2 billion from OKX, but called back hours later asking for more. The exec advised Bankman-Fried to consult the CEO of Binance regarding the liquidity of FTX's native token, FTT. To save FTX, Bankman-Fried sought emergency capital from rival crypto exchanges, including OKX, which says it's the second-largest crypto exchange by spot trading volume. In an optimal scenario, OKX would've created a strategic partnership with FTX, Lai explained, since it strengthens the industry if big players could support one another.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Tether's chief technology officer, Paolo Ardoino, tweeted that it had "no plans to invest in or lend assets to FTX." FTX also got hit by the Bahamas Securities Commission, where the company is based, freezing assets of FTX Digital Markets "and related parties". In a tweet, FTX said it had reached a deal with Tron to establish a special facility that would allow clients to swap some crypto assets from FTX to external wallets. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported.

☆ Sam Bankman-Fried asked us for a couple billion to bail out company, says OKX managing director
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSam Bankman-Fried asked us for a couple billion to bail out company, says OKX managing directorLennix Lai, OKX managing director, joins 'TechCheck' to discuss what FTX's Sam Bankman-Fried asked of the OKX managing director, whether SBF asked Lai for billions of dollars and how the company will not fall to a similar fate.

☆ Collapse of Binance-FTX deal could cause a contagion effect, says crypto exchange
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCollapse of Binance-FTX deal could cause a contagion effect, says crypto exchangeLennix Lai of Okx major cryptocurrency exchanges will be "fine" because of their low exposure, but trading firms that previously traded on FTX could be affected.

Bankman-Fried said he was in talks with "a number of players" in the crypto sector, including Justin Sun who is the founder of crypto token Tron, after a potential rescue deal with larger rival Binance fell apart. He also said his firm Alameda Research, which sources have said was partly behind FTX's problems, was winding down trading. FTX's native token, FTT , is down more than 90% this week and was attempting to steady around $3.50. Another exchange, OKX, said it had been approached earlier in the week by Bankman-Fried, who described liabilities of $7 billion that needed covering fast. Bankman-Fried said FTX.US, the U.S. operations of the exchange, however, had not been financially impacted.

☆ Sam-Bankman Fried told OKX FTX has liability of $7 bln - OKX director
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] FTX logo is seen in this illustration taken, November 8, 2022. The appeal for cash injection has come as FTX was facing a $7 billion total liability, said Lai, citing Bankman-Fried's comment made in the call. FTX has approached OKX for a deal as it needed to survive through a slew of withdrawal requests, Lai said, citing the several calls he had with Bankman-Fried on Nov. 8. "If FTX does not get immediate cash injection, they would go bankrupt," said Lai, he recalled their conversation during a later call at 7 a.m. Hong Kong time. "Sam said he was talking with a few other potential investors, so he needed an urgent decison from us," he said.

FTX head Sam Bankman-Fried said he was "exploring all the options", but fading hopes for rescue left FTX teetering. A message on the FTX website said: "FTX is currently unable to process withdrawals. "The dagger will continue to hang over the crypto market, as long as the outlook of FTX's fate remains unclear." 'CONFIDENCE CRISIS'There are also early signs that the fallout could spread beyond crypto markets, with jittery stockmarkets sliding on Wall Street overnight. Most crypto players remain bullish about the long term, but are braced for further falls in the near future.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported. FTX had lent more than half of its customer funds to Alameda, the newspaper said. The U.S. securities regulator is investigating FTX.com's handling of customer funds and crypto-lending activities, according to a source with knowledge of the inquiry. Canada's Ontario Teachers Pension Plan, Tiger Global and Japan's Softbank are also FTX investors.

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