With a new registration, FTX crypto exchange expands to the Bahamas. FTX, one of the world’s largest cryptocurrency exchanges, has expanded its operations by obtaining significant regulatory approval in The Bahamas.
The cryptocurrency exchange FTX, founded by Sam Bankman-Fried, intends to establish a “substantial presence” in The Bahamas.
Moreover, the corporation announced on September 20 that the Bahamas Securities Commission has approved FTX Digital Markets, the Bahamian subsidiary of the global FTX crypto exchange, as an official digital asset business.
The Digital Assets and Registered Exchanges Act opens the door
The regulatory approval is issued under the Bahamas’ new digital asset-related legislation. The Digital Asset Registered Bill, which went into effect in late 2020. The DARE Act sets a complete regulatory framework for digital asset activities in The Bahamas, regulating and monitoring virtual asset service providers.
Furthermore, as the exchange continues to extend its global reach, the regulatory licence will assist FTX in establishing a “significant presence” in The Bahamas. Ryan Salame, the former head of Alameda Research’s over-the-counter trading, has already joined FTX Digital Markets as CEO. And will be in charge of the company’s local initiatives.
“The relationship we’ve built with local regulators, culminating in our authorization under the DARE Act’s framework, gives me confidence that we’ll be able to work closely with them to ensure our offers are compliant in many jurisdictions”, Salame said.
FTX does not indicate which crypto services it plans to offer in The Bahamas as part of its new expansion. But we will keep you updated as soon as we learn more.
Crypto exchange FTX has launched the NFT marketplace for users in the United States
In Fact, according to CoinMarketCap data, FTX is one of the world’s top crypto exchanges. With more than $3.5 billion daily trading volumes at the time of writing. Following a $900 million investment round in July, the corporation has been aggressively expanding its operations. And purchasing important industry competitors. The company announced the acquisition of LedgerX, a US-based licenced options and futures trading platform, in late August.