FTX Joins Coinbase, Kraken With US GAAP Audit Pass

[RSRS]

Both FTX and FTX.US have completed requirements to pass the US Generally Accepted Accounting Principles (GAAP) audit, which checks for a set of accounting principles, standards, and procedures in accordance with the Financial Accounting Standards Board (FASB).

FTX CEO and founder Sam Bankman-Fried announced the news via Twitter Friday.

Excited to announce that @ftx_us has officially passed its US GAAP audit!

Both @FTX_Official and @ftx_us have passed US GAAP audits and plan to continue getting audits going forward.

— SBF (@SBF_FTX) August 27, 2021
While this is a first for FTX, Coinbase and Kraken have historically passed US GAAP standards. FTX’s trading model differs from other cryptocurrency exchanges in that it allows for trading of tokenized derivatives.

“It is something that we’ve been working on for a couple of months, and we are really excited about it,” said Brett Harrison, president of FTX.US. “While we might not be the first crypto exchange to do so, we are excited about demonstrating to the crypto world and also to regulators in general that we are serious about transparency.”

The GAAP comes as regulators around the world have moved to bring further oversight to the cryptocurrency industry. FTX does not see the possibility of greater regulation as a negative, Harrison said.

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