Goldman Sachs will help Crypto exchange FTX to deal with regulatory issues

Reportedly Goldman Sachs boss David Solomon had a meeting with the chief executive office of FTX crypto exchange. 

FTX is a global crypto exchange and right now the exchange is standing in the top 5 crypto exchanges list as a leading crypto company. Exchange is known to provide compliance-based services and also zero fees-based crypto withdrawal services to the users, probably this is the big reason for the growth of the exchange in just a few years.

On 21 April, Financial Times published a report and confirmed that David Solomon, Boss of Goldman Sachs, had a meeting with Sam Bankman-Fried, Chief executive officer of FTX exchange. 

This meeting happened in the Caribbean last month, but the report came after such a long time. The main initiative of the meeting was to bring close relationship between the Bank and Exchange. 

The report noted that the discussion was mainly about the regulatory issues that the FTX exchange is facing in the US. So here Goldman Sachs will help FTX exchange deal with the regulatory bodies of the US, like the Securities and Exchange Commission (SEC), CFTC, and also other agencies. 

With the help against regulatory issues, Goldman Sachs may also try to provide Banking support services to the exchange. 

Earlier in February of this year, FTX’s CEO shared his delay in the plan of Public listing his company. He said that he is not willing to make exchange public in unfavorable situations.

FTX CEO on Multiple Regulatory Bodies

In the last few months, FTX’s CEO noted that multiple regulatory bodies in the US are a very tedious task for the new companies or startups to evolve. 

According to the FTX CEO, there should be a single regulatory body, which can regulate and oversee crypto market-based companies’ operations. 

Probably at that time FTX’s CEO was under some legal hurdles because of multiple regulatory bodies’ compliance-based works. 

Read also: Ripple & SEC body expected to submit a proposed schedule on Friday