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Crypto Billionaire Mike Novogratz: Not All Digital Asset Exchanges Are Run by Criminals Like FTX Was

Crypto billionaire Mike Novogratz thinks it’s “actually harmful” to imagine all digital asset exchanges are run just like the now-imploded FTX.

The Galaxy Digital chief govt says in a brand new interview with CNBC that he all the time encourages crypto buyers to “promote one thing alongside the best way” to arrange for inevitable volatility.

Novogratz additionally discourages folks from suspecting each participant within the area operates like Sam Bankman-Fried, the disgraced former CEO of FTX.

“It’s actually harmful to assume that when you’ve one black swan, you’re going to see them in every single place. That you simply’re going to have felony organizations everywhere and these locations are run by sociopaths. It’s simply not the case. I’m not saying that each different change is enjoying by each single rule, proper?

Numerous exchanges are underneath some assault from regulators for [know your customer/anti-money laundering] violations, usually prior to now. After they began, they didn’t have close to as strong protections in opposition to who was utilizing their change as they do now. However I don’t assume underneath each rock there’s a man stealing your cash.”

Bankman-Fried was arrested by authorities in The Bahamas on Monday. Bahamian legislation enforcement carried out the arrest on the request of the US authorities.

The Division of Justice (DOJ) is charging Bankman-Fried with six counts of fraud, one rely of conspiracy to commit cash laundering, and one further rely of conspiracy to defraud the US and marketing campaign finance legal guidelines, in line with a newly unsealed indictment issued by the Southern District of New York.

The fraud fees embrace conspiracy to commit wire fraud on clients, wire fraud on lenders, commodities fraud, and securities fraud.

The U.S. Securities and Change Fee (SEC) has additionally introduced it’s charging the FTX co-founder with defrauding the change’s buyers.

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Disclaimer: Opinions expressed at The Day by day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any loses you could incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please be aware that The Day by day Hodl participates in affiliate internet marketing.

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