FTX spent nearly $2 billion on “acquisitions for regulatory purposes,” per a September 19 meeting minutes. In 2021, it bought out LedgerX LLC, a futures exchange, and grabbed three Commodity Futures Trading Commission (CFTC) licenses in one stroke.

Reuters in a report said scrutiny of TTX documents revealed Sam Bankman-Fried’s regulatory agenda of grabbing licenses indirectly and to woo regulators by acquisitions. FTX tried picking up stakes in companies with licenses from authorities as shortcuts to skip the long approval process.