FTX becomes first crypto derivatives exchange with US GAAP audit

Hong Kong-based FTX has become the first crypto derivatives exchange to undergo a full US GAAP audit of its financial statements. This audit is mandatory for all large U.S. companies or publicly traded firms planning to issue shares.
Coinbase and Kraken also pass US GAAP, but FTX's trading model differs from these cryptocurrency exchanges in that it does not trade cryptocurrencies directly, but tokenized derivatives.

FTX becomes first crypto derivatives exchange with US GAAP audit

Such a strategy allowed the company to implement a hybrid model, opening up the possibility of trading in digital currencies and stocks. Only on this platform it is possible to trade securities in a 24/7 format with day-to-day delivery of real assets.
Derivatives simple and complex (stackcoins, futures and options) were easier to license in various jurisdictions than digital currencies.For example, FTX, unlike Binance, is officially allowed in Hong Kong and the UK and can trade equity tokens without complaint.
Changpen Zhao, founder of the Chinese exchange, was one of FTX's first shareholders, but its owner Sam Bankman-Fried ordered a buyout and got rid of Binance as shareholders. This happened in the last round of financing, which brought the Hong Kong exchange $900 million of investment with an estimated $18 billion.
FTX is probably preparing for an IPO in the U.S. and Binance's presence is becoming toxic, the once-popular exchange being hounded by Regulators from various countries. Two criminal investigations are currently underway against the Chinese company.
FX24

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