With $32bn Valuation, FTX Pushes for Regulatory Framework in Crypto Market

Emma Okonji

Given the huge trade volume of crypto currency in Africa, Nigeria inclusive, a centralised crypto currency exchange firm, FTX, has called on the federal government to licence crypto trading and come up with regulatory framework that will guide the operations crypto currency business in Nigeria. 

FTX is a native token designed for the crypto currency derivatives exchange FTX, with numerous uses that are designed to benefit users and increase network effects around the platform.  

The firm made the call during its third anniversary in Lagos, which was attended by industry players, including some state government officials. 

Business Development Manager, FTX in Africa, Mr. Adebayo Juwon, said: “FTX is the most licensed crypto in the world both in the US, Japan, Europe and the United Arab Emirates (UAE).

According to him; “The reason the rate is low in Nigeria and other African countries is because governments are not providing the regulatory framework, needed to guide the operations of crypto currency trading.

“If there could be a framework where crypto exchanges can be licensed it will be nice, and I am sure, we will be tagged along. It is the first regulated exchange offering crypto derivatives in the US, licensed to offer products and services in dozens of jurisdictions worldwide.”

Juwon stated that in less than three years, FTX was able to reach a valuation of $32 billion, with six million registered users, operating in 200 countries across the world.

Explaining unique features of the platform, he said: “FTX has low trading fees, sign up and trade in less than three minutes, cross-margining across all products and supported by more than 260 crypto currencies. 

“The innovative products include spot, volatility products, tokenises stocks, TFX Pay and FTX. We are here for everybody. It’s not just for some people, it’s for everybody.”

 While advising the federal government on better ways to enhance seamless financial transactions, the Special Assistant to Oyo State Governor on Information and Communications Technology (ICT), Mr. Bayo Akonde, said government must begin to think about adopting blockchain technology to drive all forms of financial transactions. He said Blockchain technology could also help government to achieve credible results in general election, especially now that Nigeria is preparing for the 2023 general election. 

Akonde explained that blockchain technology remained a trusted public platform, that will enhance online transactions, which anyone could trace and see, without anyone having unauthorized access to tamper with it.