SEC chair Gary Gensler alleges that the disgraced FTX co-founder SBF “built a house of cards on a foundation of deception.”
explained that the U.S. regulator believes SBF is responsible for defrauding investors.
“The alleged fraud committed by Mr. Bankman-Fried is a clarion call to crypto platforms that they need to come into compliance with our laws,” Gensler continued. “Compliance protects both those who invest on and those who invest in crypto platforms with time-tested safeguards, such as properly protecting customer funds and separating conflicting lines of business.
“FTX operated behind a veneer of legitimacy Mr. Bankman-Fried created by, among other things, touting its best-in-class controls, including a proprietary ‘risk engine,’ and FTX’s adherence to specific investor protection principles and detailed terms of service,” Grewal detailed. “But as we allege in our complaint, that veneer wasn’t just thin, it was fraudulent.”
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