FTX cryptocurrency exchange expands to Bahamas with new registration

FTX is one of the largest cryptocurrency exchanges in the world and continues to expand its business by obtaining major regulatory approvals in the Bahamas.

The Bahamas Securities Commission has registered FTX Digital Markets, a Bahamian subsidiary of the global FTX cryptocurrency exchange, as the official digital asset business. Announce September 20.

Regulatory approval was granted under the Bahamas’ Digital Asset Registration Act, which is the country’s new legislation related to digital assets. Effective The end of 2020. The Act, also known as the DARE Act, establishes a comprehensive regulatory framework for digital asset operations in the Bahamas to supervise and supervise virtual asset service providers.

As the exchange continues to expand its global operations, regulatory approvals will help FTX establish a “substantial business” in the Bahamas. Ryan Salame, former head of over-the-counter trading at Alameda Research, has joined FTX Digital Markets as CEO and will be responsible for managing FTX’s local programs.

“The relationship we have established with local regulators ultimately allows us to be authorized under the framework provided by the DARE Act, which leads me to believe that we will be able to work closely with regulators to ensure that our products are compliant in multiple jurisdictions,” Salame said.

FTX did not specify which encryption services it plans to launch in the Bahamas as part of its new expansion. Cointelegraph contacted FTX and will update the story, waiting for new information.

related: Cryptocurrency exchange FTX launches NFT market for U.S. customers

FTX is one of the largest cryptocurrency exchanges in the world, operating more than US$3.5 billion According to data from CoinMarketCap, in the daily trading volume at the time of writing. Since then, the company has been actively expanding its business and acquiring major industry players. Completed 900 million USD financing In July. In late August, the company Announced the acquisition of LedgerX, A licensed options and futures trading platform in the United States.