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Several crypto industry commentators have expressed skepticism about FTX CEO John Ray\u2019s vision to potentially reboot the crypto exchange, citing trust issues and \u201csecond-class\u201d treatment of customers as reasons why users may not \u201cfeel safe to go back.\u201d<\/p>\n
Former FTX CEO Sam Bankman-Fried tweeted on Jan. 20 praising John Ray for looking at a reboot of FTX, suggesting it is the best move for its customers.<\/p>\n
\nI’m glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!<\/p>\n
I’m still waiting for him to finally admit FTX US is solvent and give customers their money back…https:\/\/t.co\/XjcyYFsoU0<\/a>https:\/\/t.co\/SdvMIMXQ5K<\/a><\/p>\n
\u2014 SBF (@SBF_FTX) January 19, 2023<\/a><\/p><\/blockquote>\n
This came after John Ray told The Wall Street Journal on Jan. 19\u00a0that he was considering<\/a> reviving the crypto exchange to make the users whole.<\/p>\n
Ray noted that despite top executives being\u00a0accused of criminal misconduct,<\/a> stakeholders have shown interest in the possibilities of the platform coming back \u2014 seeing the exchange as a \u201cviable business.\u201d<\/p>\n
In comments to Cointelegraph, Binance Australia CEO, Leigh Travers, believes it will be difficult for FTX to secure a license again, particularly as the industry moves into a new\u00a0year with increased regulation<\/a> and oversight by regulators.<\/p>\n
Travers also noted that since the closure, FTX users have migrated \u201cto other platforms, like Binance.\u201d He questioned whether those users will \u201cfeel safe to go back.\u201d<\/p>\n
He addressed the issue of FTX governance and controls, with administrators sharing details about some clients getting \u201cpreferential treatment,\u201d including \u201cback door switches.\u201d Travers noted:<\/p>\n
\u201cHow will users feel comfortable going back to a platform that treated some clients as second-class?\u201d<\/p><\/blockquote>\n
Digital assets lawyer Liam Hennessy, a partner at Australian law firm Gadens, thinks that it would be \u201cvery difficult\u201d for FTX \u2014 given the reputational damage and lack of trust \u2014 to get customers or investors to \u201ccome near them again.\u201d<\/p>\n
Hennessy was also skeptical whether FTX will ever get approved for a license again, saying that it is \u201cone big question mark\u201d which entirely depends on jurisdictions.<\/p>\n
The lawyer believes that in some offshore jurisdictions, it will be easier for the exchange to get license approval, but it will be pointless if its users do not intend to return.<\/p>\n
\u201cTo jump through the hoops the major jurisdictions will set such as the US, UK and Australia will be a serious challenge.\u201d<\/p><\/blockquote>\n