Gus – Cryptocurrency Expert
According to CNBC, FTX, a cryptocurrency trading exchange located in the Bahamas, is in negotiations with investors to raise up to $1 billion in new capital, which would retain the company's $32 billion value.
Sam Bankman-Fried, the CEO of FTX, is allegedly negotiating the conditions in confidence, while individuals acquainted with the arrangement claim that the parameters are flexible. The next investment was previously expected to be made as a fixed sum, keeping FTX's valuation in line with the funds raised in January 2022, when the business had gathered about $400 million. FTX has previously participated in two rounds of financing in 2021, raising $420.69 million. Sam Bankman-Fried and FTX have not made any public statements about the intended use of the agreement's proceeds.
FTX has been particularly active in acquiring the assets of troubled crypto market investment companies so far in 2022. Most recently, it was claimed that FTX had made one of the largest offers for the assets of the insolvent cryptocurrency lender Voyager Digital. On or before September 29th, when Voyager's next court appearance is scheduled, the auction's winner is anticipated to be revealed.
Another notable development this year was the acquisition by FTX of Dubai's approval to carry out digital asset trading and clearing activities in the United Arab Emirates. It hasn't been all sunshine and roses for FTX though, as the cryptocurrency trading exchange recently got into trouble after the UK's financial watchdog, the Financial Conduct Authority (FCA), warned customers not to do business with FTX. "We suspect this business may be offering financial services or products in the UK without our authorization," the warning letter added. "This business is not authorized by us and is targeting persons in the UK," it said.
You won't be covered by the Financial Services Compensation Scheme (FSCS) or have access to the Financial Ombudsman Service, so you won't be guaranteed to receive your money back if something goes wrong.
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