US Democratic presidential candidate Joe Biden. Photo: AFP

The second-largest donor to US Democratic presidential candidate Joe Biden’s campaign was the Hong Kong-based CEO of FTX, a crypto derivatives exchange.

Sam Bankman-Fried, an MIT physics graduate, made a contribution of $5.2 million, according to OpenSecrets.org’s Top Contributors page, which lists the money that came from organization’s PACs, individual members, employees, and their immediate families, The Wall Street Journal reports.

“Mr Biden’s top contributor after Mr Bloomberg was Sam Bankman-Fried, the Hong Kong-based CEO of cryptocurrency derivatives exchange FTX. A relative newcomer to political spending, he gave $5.2 million to the effort.”

The revelation has sparked speculation that the donation was intended to gain access to the US market. Strict laws currently prevent the exchange from accepting American customers, AMB Crypto reports.

Adam Cochran of Cinneamhain Ventures tweeted: “It was a donation to a super PAC that was broad down ballot plays. That’s political lobbying and a great way to get regulation changes.”

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