FTX chief admits spending five hours a day on regulatory and licensing questions.

FTX chief Sam Bankman-Fried, in an interview with CNBC, lamented that he spends five hours a day on regulatory and licensing questions. He explained that such a routine is due to heightened scrutiny of the industry.

“We are filing applications for licenses in a number of jurisdictions… It is important for us to stay on top of developments,” Bankman-Fried explained.

According to the head of FTX, the platform is trying to overcome difficulties related to legal uncertainty. Bankman-Fried estimated that resolving them could take three to five years.

In the interview, the CEO of the crypto-derivatives exchange emphasized the intention to continue listing USDT contracts, despite the pressure from regulators on Tether.

“USDT, like any freely circulating cryptocurrency, could get a listing with us. There is an open order book. The dollar peg is determined by the market and users,” he noted.

As previously reported, on July 20 FTX announced a record $900 million financing for the industry. Investors valued the platform at $18 billion.

Later, the crypto-derivatives exchange reduced the maximum leverage to 20x.

Following the funding round, FTX acquired shares owned by Binance for an undisclosed amount, which Binance had invested in the crypto-derivatives platform in December 2019. Bankman-Fried explained that the move reflected differences in management styles.

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