Former FTX General Counsel to Lead New Crypto Exchange in Dubai
Can Sun, the former general counsel of FTX, is set to lead a new cryptocurrency exchange in Dubai. The exchange aims to sell a 10% stake to investors at a valuation of over $100 million, as reported by the Wall Street Journal. Backpack, a Web3 digital wallet company, announced the exchange last month, and it has been confirmed that Sun and other FTX colleagues are involved in the venture.
Can’s Trek Labs startup will serve as the legal entity for Backpack Exchange’s operations in Dubai. Armani Ferrante, another ex-FTX employee, is now the CEO of Trek Labs. His wife, Claire Zhang, who was formerly Sun’s legal deputy, sits on the executive board of Trek Labs.
Key Players’ Involvement in the New Venture
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The involvement of key former FTX executives in this new venture includes Can Sun and Armani Ferrante, who will be launching the beta version of the platform later this month. The Backpack Exchange is already licensed in Dubai and recognized by the Dubai Virtual Assets Regulatory Authority (VARA).
The Legal Background and Future Plans
Sun testified against Sam Bankman-Fried at his trial on fraud and conspiracy under a “no-prosecution agreement,” denying any knowledge or involvement in FTX’s misdoings. The platform aims to add various trading functionalities such as derivatives and margin trading while boasting a compliance team with professional history working with Barclays, State Street, HSBC, and Coinbase.
Hot Take: Former FTX Executives Launch New Crypto Exchange
A group of former FTX executives is joining forces to build a new cryptocurrency exchange aiming to address past challenges. With Can Sun leading the charge and plans for expansion into various trading functionalities, it seems like they are determined to make an impact in the crypto space.
