During a webinar at the city’s FinTech Week 2022 on Monday, Sam Bankman-Fried, the billionaire founder of crypto exchange FTX, criticised regulations in Hong Kong and elsewhere that limit crypto investment access to wealthy investors. Wealth-based suitability tests, according to Bankman-Fried, are “deeply classist and deeply racist,” allowing the rich to get richer while discriminating against otherwise qualified investors. Bankman-Fried believes that instead of wealth-based qualifications for digital assets, investors could be given knowledge-based tests to determine their readiness for risky investments.
