Ryan Salame is one of the big names associated with the crypto industry. He was the former CEO of FTX Digital Markets and the founder of the American Dream Federal Action super PAC. His name in the crypto space is not defined by the factors mentioned above; he has a shady image and is well known as an American entrepreneur who operated and facilitated an illegal money-transmitting business across the country. He also pleaded guilty to making millions of U.S. dollars in unlawful campaigns to boost his boss’s interests. Currently, he is facing a 90-month criminal penalty at FCI Cumberland for making unlawful political contributions to facilitate an unlicensed money transmitting business.
Ryan Salame: Early Life and Education
Ryan Salame is a 1993-born American entrepreneur and former co-CEO at FTX Digital Markets (FDM), the Bahamas-based subsidiary of FTX. His childhood was in Sandsfield, a town in Berkshire County in the United States. During his teenage days, he attended Monument Mountain Regional High School in Great Barrington for his high school education. He is a double degree holder, and he earned his degree in Bachelor of Business Administration in Accounting from the Isenberg School of Management, and in 2015, he earned his second degree in Bachelor of Arts from the University of Massachusetts Amherst. Salame’s master’s education was in the McDonough School of Business at Georgetown University, where he pursued post-graduation in finance in 2019.
Career
In 2019, he started his career by working for Ernst & Young for a short period of time, and later moved on to Alameda Research in Hong Kong. After serving a three-year period at Alameda Research, Ryan moved to a new role and became a part of FTX, one of the largest cryptocurrency exchanges. FTX welcomed Ryan and appointed him as co-chief of FTX Digital Markets (FDM) in their Bahamas unit. His life started to change, and he entered into an entirely different dimension after he joined FTX. In 2023, he pleaded guilty to operating an illegal money transmitting business associated with campaign finance laws.
Ryan Salame’s Conspiracy and 90-Month Sentence
Ryan Salame pleaded guilty to conspiracy and making unlawful political contributions and engaging in an unlicensed money transmitting business before Lewis A. Kaplan, U.S. district judge. Salame allegedly conspired with Bankman-Fried and other employees at Alameda Research and FTX to operate an unlicensed money transmitting business and used both the platforms. Salame and other personnel involved in this unlicensed money operation used FTX and Alameda Research to transmit customer funds without a license.
At the beginning of 2020, Salame was associated with Bankman-Fried and Nishad Singh, an FTX executive, to engage in unlawful campaign donations and contributions. The donation schemes they conspired with were to improve Bankman-Fried’s social position in Washington, DC, and enhance the profile of FTX. They were reportedly engaged in more than 300 political contributions that consist of more than ten million U.S. dollars. These donations were unlawful since they were made in the name of a straw donor or paid for with corporate funds.
U.S. Attorney Damian Williams stated in the official press release issued on May 28, 2024, that Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law. He added that Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system. Williams emphasized that the sentence handed down today underscores the substantial consequences for such offenses.
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