As everything was collapsing around him, Sam Bankman-Fried talked casually about the way FTX had accessed regulated banks otherwise out of reach to the crypto exchange: through his trading firm, Alameda Research.
The arrangement arose because banks were reluctant to do business with crypto companies including FTX, according to people familiar with the matter. To work around the problem, some FTX customers were instructed to send wire transfers via Alameda, which was allowed to have accounts at Silvergate Capital Corp., a cryptocurrency and fintech bank, the people said.
