SFOX
From Wikipedia, the free encyclopedia
sFOX (San Francisco Open Exchange) is a cryptocurrency prime dealer and trading platform[1] founded in 2014.
| Company type | Private |
|---|---|
| Industry | Cryptocurrency exchange |
| Founded | 2015 |
Key people | George Melika and Akhbar Thobani |
| Website | sfox |
History
The company was founded by George Melika and Akhbar Thobani[2] in 2014 as the San Francisco Open Exchange (SFOX).[3] Thobani had previously been a software engineer at the startup Airbnb and Melika had been a software developer for asset manager Nuveen.[4] It is a remote company and has no headquarters.[5] It operates as a prime dealer and trading platform.[6] Its users are primarily hedge funds and other institutional investors,[7] it originally accepted users on an invitation-only basis.[2]
As of 2018, Forbes estimated its yearly revenue to be roughly $15 million.[4] In 2018, it raised $22.7 million in funding led by Y Combinator and Tribe Capital.[8]
In 2019, SFOX announced a partnership with M. Y. Safra Bank of New York to offer FDIC insured deposit accounts for crypto traders.[9]
As of 2020, the exchange had a gross trading volume of $11 billion.[3]
In August 2022, the IRS filed requests to serve information summonses to SFOX and M. Y. Safra Bank for the purpose of collecting tax information.[10] On August 15, 2022 the United States Department of Justice ruled that SFOX would have to provide the IRS with trading records for users conducted trades totaling $20,000 or more on its platform.[11]