Ongoing regulatory scrutiny has forced many crypto businesses across the globe to close upwardly shop.

Among this crackdown, Sam Bankman-Fried, CEO of prominent crypto exchange FTX, has been vocal near his connected efforts to suit to the changing regulations around running crypto businesses, announcing FTX's efforts toward finding systems for streamlining its Know Your Customer (KYC) operations.

"As we mature as a company, we've been edifice out our checks, finding and incorporating more signals," Bankman-Fried stated. He also highlighted the addition of a new feature on FTX that confirms a user'southward jurisdiction based on their registered phone number. Bankman-Fried said:

"We check users' phone numbers against their submitted names in KYC1, in order to further verify them. When this doesn't work or there isn't data, we'll crave KYC2 to access some features of the site, including futures."

Sharing insights within FTX's United States operations, the entrepreneur stressed the visitor's continued efforts in "searching for more tools to ostend identity, hopefully while minimizing the hassle for users." Bankman-Fried hopes this effort will help the visitor experience "smoother" operations within U.S. jurisdictions.

Currently, FTX aims to outperform rival crypto exchanges such as Binance and Coinbase. Equally reported by Cointelegraph, the CEO has previously said that acquiring Goldman Sachs and the Chicago Mercantile Exchange "is non out of the question at all" if information technology tin surpass all crypto businesses to become the biggest exchange.

Complementing the announcement concerning the KYC-related update, Bankman-Fried cited investors' funds and safety as a priority. He also assured investors there would exist no restrictions on withdrawals unless the exchange can link the user'due south activities to money laundering and theft-related activities. In doing and then, the crypto exchange will go on to implement two-factor hallmark and similar methods to help forbid theft.

Related: Regulatory clarity for crypto would take iii to 5 years, FTX CEO says

Bankman-Fried recently discussed the immediate need for clarity in crypto regulation, supporting FTX's drive to apply for licenses across numerous jurisdictions. In doing and so, the FTX CEO claimed to spend "five hours a day" on regulation- and licensing-related activities.

The CEO said that he expects governments to have a clearer opinion on crypto regulations in the next three to five years and intends to comply with KYC and Anti-Money Laundering requirements unique to each jurisdiction they serve.