Crypto industry commentators have expressed doubts on John Ray, CEO, FTX, and his aim to revive the crypto exchange. It is believed that emphasis has been laid on trust issues and “second-class” treatment of customers as factors why users may not “feel safe to go back,” as reported by Cointelegraph.
According to Cointelegraph, on January 20, 2023, Sam Bankman-Fried, former CEO, FTX, released a tweet commending Ray’s desire for FTX reboot. Reportedly, the development happened after John Ray informed the Wall Street Journal on January 19, 2023, about him considering FTX’s revival. Ray stated that despite top executives being held for criminal proceedings, stakeholders have shown interest over revival of the platform.
On the basis of information by Cointelegraph, Leigh Travers, CEO, Binance Australia, has expressed uncertainty over FTX securing a license again, with industry expected to face increased regulation and oversight by regulators. Travers highlighted that post the closure, former FTX users have migrated to “to other platforms, like Binance.” “How will users feel comfortable going back to a platform that treated some clients as second-class,” Travers highlighted.
Moreover, Cointelegraph noted that Liam Hennessy, a digital assets lawyer, and partner, Gadens, an Australian law firm, stated that it would be “very difficult” for FTX, based on reputational damage and lack of trust, for any user to “come near again.” “To jump through the hoops the major jurisdictions will set such as the US, UK and Australia will be a serious challenge,” Hennessy concluded.
(With insights from Cointelegraph)