Sam Bankman-Fried, the CEO of FTX, announced with pride less than two months ago that his exchange had been granted a European license.
However, the happiness was short-lived because the management has been battling for its existence for many days, and thousands of FTX customers are worried that they would never see their money again.
Justin Sun, the creator of Tron, is collaborating with Sam Bankman-Fried to find a solution following Binance’s rejection to take control of and salvage FTX (SBF). To fulfill FTX’s payment commitments to its clients, $8 billion must be located.
What will happen to FTX’s business after the catastrophe is the real concern. According to Bloomberg, the European license might be revoked today as US authorities carry out their inquiry into SBF’s corporate structure.
According to the license, FTX is obligated to conduct its company honestly, maintain sufficient capital, and keep customer assets apart from corporate funds. There are numerous issues that are hotly contested in light of the current circumstances.
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