Regulatory uncertainty and travel restrictions are forcing the city's crypto elites to shift their operations to more hospitable jurisdictions. Sam Bankman-Fried's time in Hong Kong was relatively brief, but incredibly lucrative. In the three years he spent in the city, the unabashed workaholic known for sleeping in his office established FTX , a crypto derivatives exchange that quickly became one of the world's busiest trading outlets. And the success of that business turned Bankman-Fried into the richest person in crypto at the age of 29 with a $26.5 billion fortune. And then he left. In September, Bankman-Fried jetted off to the Bahamas for good. His legions of social media followers were surprised by the unfamiliar sight of him donning a suit as FTX's management team welcomed the country's prime minister to their new headquarters. Why the Bahamas? "It's really important that we have long-term regulatory guidance and clarity," he said from the company's office in the Caribbean archipelago. "Hong Kong has not yet drafted the actual bill…there's uncertainty about exactly how that is going to turn out." Hong Kong has developed into a hotbed for blockchain and crypto-related businesses. Many of the global elites from the crypto industry got their… Read full this story
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