\u201cOur business is very simple: provide access to cryptocurrency and take a fee for it. Our direct exposure to FTX meltdown is immaterial: less than $10m in our own capital deposited there for customers\u2019 trade execution. That\u2019s very little compared to our global revenues surpassing US$1 billion for two consecutive years.<\/em><\/p>\n \u201cSo what does the crypto community do now? We must collectively work twice as hard to rebuild the trust lost today. http:\/\/Crypto.com will do its part as the 3rd largest crypto platform globally with 70m users. We have always maintained 1:1 reserves and believe that doing so is the most basic operating principle. <\/em><\/p>\n \u201cWe will push for increased transparency & regulation of the industry to ensure this is the standard by which all crypto platforms operate. Consumers deserve nothing less. As the industry\u2019s most regulated platform measured by licenses, registrations and security certifications, we recognise the importance of transparency and will continue to engage regulators to strengthen and safeguard our industry so that what has happened today is not repeated. Global adoption of cryptocurrency depends on it.<\/em>\u201c<\/p>\n Another CEO to comment on the FTX debacle was Brian Armstrong, who said on Twitter:<\/p>\n \u201cCoinbase doesn\u2019t have any material exposure to FTX or FTT (and no exposure to Alameda)\u2026 This event appears to be the result of risky business practices, including conflicts of interest between deeply intertwined entities, and mis-use of customer funds (lending user assets)\u2026 we don\u2019t engage in this type of risky activity\u2026<\/em><\/p>\n
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