This article comes fromForbes, by Javier Paz, Nina Bambysheva, and Emily Mason

Odaily Translator |

Odaily Translator |

In May 2022, Forbes Digital Assets, a subsidiary of Forbes, launched a research work on the 60 largest cryptocurrency exchanges and trading companies that provide cryptocurrency services, including Binance, Coinbase and Kraken, as well as Robinhood and Block, etc. , in this survey, FTX ranked 5th.

Now, almost everyone knows what happened to FTX.

Yet with FTX crashing down, one wonders if companies that have done business with FTX in the past will be potentially affected. In fact, as many as 53 companies do business with FTX, including audit firms, banks and insurance companies, according to data shared with Forbes by the Financial Times. Next, let us take stock of who these 53 companies are.

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Institutional investors (11 companies)

1. BlackRock: The world's largest asset management company.

2. Sequoia Capital: One of the largest venture capital firms in Silicon Valley.

3. Temasek: Singapore's national investment agency.

4. Ontario Teachers' Pension Plan: The third largest pension fund in Canada.

5. Softbank: Japanese multinational conglomerate holding company.

6. Thoma Bravo: Private equity firm focused on software and technology companies.

7. Ribbit Capital: A California-based venture capital firm known for its fintech investments.

8. Paradigm: One of the world's largest crypto venture capital firms.

9. New Enterprise Associates (NEA): A venture capital firm headquartered in Maryland, focusing on European and Asian markets.

11. Third Point Ventures: Headquartered in California, it focuses on investing in emerging technology companies.

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Banking and insurance companies (8)

12. Silvergate Bank: A member institution of the U.S. Federal Reserve Bank located in California, serving more than 1,300 digital currency and financial technology customers.

13. Signature Bank: Headquartered in New York, it provides complex cryptocurrency products.

14. Deltec Bank: Located in the Bahamas, it also provides access to Tether, a stablecoin issuer, but Deltec stated that "any changes to FTX's business structure will not pose a significant risk to its customers, stakeholders, or Deltec's entities and business." .

15. Prime Trust: Located in Las Vegas, Nevada, it specializes in providing application programming interface services for encrypted exchanges, RIA platforms, and brokers. A spokesperson for the company has said it has not and is not working with FTX.com and has no financial exposure, but declined to comment on whether it has worked with FTX.US.

16. Moonstone Bank: A digital bank specializing in services for small and medium-sized enterprises (SMEs).

17. Evolve Bank & Trust: Headquartered in Tennessee, specializing in personal and business banking, mortgages, SBA loans, community financing, and trusts, Evolve has stated that they have no financial exposure to FTX or affiliates.

19. USI Insurance Services: mainly provides insurance services for FTX US.

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20、Prager Metis CPAs,Audit Firms (2)

21. Armanino LLP: Provides traditional accounting and crypto-specific tools, the firm completed the only proof of reserve audit for cryptocurrency exchange Kraken.

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Legal and financial companies (22)

22. Deloitte: One of the Big Four accounting firms with a large blockchain and encryption practice.

23. PricewaterhouseCoopers: One of the Big Four accounting firms, with a large number of encryption businesses.

25、Skadden, Arps, Slate,24. Sullivan & Cromwell: New York law firm with a dedicated digital asset business.

Meagher & Flom: Multinational law firm.

26. Fenwick & West: A law firm focused on technology.

27. Morrison Foerster International: a law firm with lawyers in the United States, Asia and Europe.

28. Quinn Emanuel Urquhart & Sullivan: A law firm specializing in blockchain and digital assets. The law firm represents Ripple Labs in a $175 million lawsuit with the SEC.

29. Paul Hastings: Legal services company.

30. Perkins Coie: Legal services company.

31. King & Wood Mallesons: A law firm headquartered in Hong Kong.

32. Gibson Dunn & Crutcher: American law firm.

33. Herbert Smith Freehills: British law firm.

34. Piper Alderman: Australian law firm.

35. Kim & Chang: Korean law firm.

36. Anderson Mori & Tomotsune: One of the "Big Four" law firms in Japan.

37. Norton Rose Fullbright: A large global law firm based in the UK.

38. MLL Meyerlustenberger Lachenal: Swiss law firm.

39. Hogan Lovells: A law firm with business coverage in the United Kingdom and the United States.

40. McCarthy Tetrault: Canadian law firm.

41. Baptista Luz Advogados: A Brazil-based law firm advising FTX on Brazil's regulatory framework for cryptocurrency exchanges.

43. Nishith Desai: Indian law firm.

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Compliance Service Provider

44. Stripe: Customer authentication checks, allowing the use of credit and debit cards and bank transfers.

45. Jumio: Fraud and money laundering protection through AI-driven authentication, know-your-customer tools and transaction monitoring.

46. ​​Plaid (Cognito): Connect accounts with applications such as Venmo, Betterment, or Chime, and also provide anti-fraud and authentication tools. Plaid clarified that it only provides services for FTX.US.

47. Refinitv (World-Check): Financial data and analysis company, a subsidiary of the London Stock Exchange.

48. Sardine Payments: Tailors its product for fintech and crypto companies, promising advanced and effective fraud protection.

49. Chainalysis: A software company focusing on blockchain data analysis.

50. TRM Labs: FTX and FTX US use TRM tools to meet sanctions and AML compliance obligations.

52. Solidus Labs: FTX Digital Markets and FTX US are integrating Solidus' market monitoring and transaction monitoring, but the company said it has no contact with FTX. Previously, FTX Ventures put a small amount of money into Solidus’ Series A round, but it was said to represent less than 1% of Solidus’ total funding.

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Summarize

Summarize

It can be seen from the above table that FTX has cooperation with many banks and law firms. In addition, FTX has more than 1 million customer accounts, but this number is not high compared with Coinbase, accounting for only 1% of the latter’s active customer base , but because FTX focuses on institutional clients, its average client account size is over $640,000, while exchanges focused on retail consumers typically have an average client account size of $3,000 to $5,000.

Neither FTX nor its U.S. subsidiary, FTX.US, segregate client funds, but each maintain client funds in an "omnibus account" separate from operating funds. According to FTX General Counsel, “By default, FTX does not segregate client funds for each crypto product, but users can set up sub-accounts to segregate crypto products if desired. Additionally, all client funds are pooled together and client funds will be segregated from FTX’s proprietary assets.” FTX claims not to act as a counterparty to any transaction and does not assume any primary risk for any product or pairing offered.