FTX is one of the largest crypto trading platforms, announced that they will prevent sanctioned parties from using its systems.
Founded in May, 2019. FTX is one of the fastest growing crypto currency exchanges. FTX is currently ranked at number 3, on top cryptocurrency spot exchanges, according to data provided by the Coin Market Cap. FTX in a Tweet stated that, “As always, FTX uses industry leading systems to prevent sanctioned parties from using its systems”.
As always, FTX uses industry leading systems to prevent sanctioned parties from using its systems.
— FTX (@FTX_Official) February 25, 2022
This tweet came after recent sanctions announced by US and EU towards Russia. FTX will prevent sanctioned parties from using its system which means Russians will not be able to use the third largest crypto exchange. According to data provided by Similar Web, FTX receives 4.89% of it’s web traffic from Russia, making Russia the fourth largest number of users from a country.
FTX follows regulations very strictly and they have a very good track record when it comes to following rules and regulations. For example, FTX doesn’t operate in USA, as it’s residents are not allowed to use FTX. FTX.US, a separate trading platform not owned by FTX, does operate in the United States, and maintains a variety of US regulatory licenses, including an MSB, MTLs, DCO, DCM, and SEF. Similarly FTX does not offer RMB trading or access in any way in China.