China still represents about 25% of crypto industry – FTX\’s Sam Bankman-Fried

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  • Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX (FTT-USD), estimated Friday that China still represents about 25% of the cryptocurrency industry, despite escalating regulatory pressure there since 2017.
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  • Speaking to CNBC, the high-profile crypto billionaire predicted that the latest pronouncements out of Beijing could point to a crackdown in peer-to-peer crypto transactions involving the Chinese yuan.
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  • Bankman-Fried\’s comments followed a move by China\’s central bank to reinforce its anti-crypto stance, declaring all transactions involving the asset class illegal.
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  • The FTX founder characterized the move as\”not super shocking\” and in line with other anti-crypto moves the Chinese authorities have done in the past.
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  • However, Bankman-Fried, who has moved FTX\’s headquarters from Hong Kong to the Bahamas,  still thought the announcement portended a potential escalation of the government\’s policy.
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  • \”I do think this is a signal of another crackdown,\” he said.
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  • While he still sees China as holding a large part of the crypto market, Bankman-Fried has noticed a shift toward Western countries over the past year.
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  • This has been driven by the stepped-up regulatory regime in China and by increased institutional support in countries like the U.S., he explained.
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  • Turning to regulatory changes in the U.S., Bankman-Fried said there has been some healthy progress for some parts of the market, especially involving futures. However, he argued that the overall picture of what crypto regulation will eventually look like in the country remains hazy.
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  • \”I don\’t think it\’s yet clear where it\’s headed,\” he said.
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  • For more from Sam Bankman-Fried, see what part of the crypto market he sees quickly gaining mainstream support.
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