Home News FTX.US bought the LedgerX cryptocurrency derivatives exchange

FTX.US bought the LedgerX cryptocurrency derivatives exchange

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FTX.US bought the LedgerX cryptocurrency derivatives exchange. In like manner, FTX.US, the United States-based affiliate of Sam Bankman-Fried’s cryptocurrency exchange FTX, has acquired the LedgerX regulated exchange specializing in cryptocurrency derivatives. The platform has been sold for an undisclosed amount.

It is important to establish relations with regulatory authorities

“We believe the integration of our technological capabilities, product portfolio and large balance sheet with LedgerX will enhance our ability to provide innovative products to all US cryptocurrency traders,” Brett Harrison (FTX.US president) said. Additionally, He also noted that it is extremely important for the industry to strive to establish relations with regulatory authorities. Such as The Commodity Futures Trading Commission (CFTC).

On the other hand, The company stressed that LedgerX will continue to provide its current products and services to existing customers.

Furthermore, The parties plan to create products for retail and institutional traders. As well, allocate “significant resources” to develop relations with regulatory authorities. And promote innovations in accordance with “strict standards of the US financial services industry”.

According to Block Research, in 2021, the volume of trading in futures and options for cryptocurrency amounted to about $ 23 trillion compared to the indicators of spot trading (more than $ 13 trillion).

LedgerX has DCO licenses and swap execution from the CFTC

In June 2019, LedgerX received a license for the designated contract market (DCM) from the CFTC. At the same time, the platform announced the launch of the delivery of Bitcoin futures. Later, the regulator said that it did not give permission to launch this tool.

The company accused the CFTC of deliberately delaying the consideration of its application to launch a derivatives clearing organization (DCO). At the end of the same year, the founders of the platform, Paul and Juthica Chou, resigned from the management after a conflict with the head of the Futures Trading Commission, Christopher Giancarlo.

LedgerX currently has DCO licenses and swap execution from the CFTC, according to a press release.

Recall that in August FTX.US has announced plans to open access to trading in cryptocurrency derivatives to customers by the end of 2021.

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