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FTX Expands in Bahamas With Registered Subsidiary
The Nassau-headquartered unit has been registered by the Securities Commission of the Bahamas as a digital assets business.
Crypto derivatives exchange FTX established a Bahamian subsidiary, FTX Digital Markets, that has been granted regulatory approval. It named Ryan Salame to lead the unit.
- FTX Digital Markets will be headquartered in Nassau, Bahamas, and has been registered by the country’s Securities Commission as a digital assets business under the Digital Asset Registered Exchanges Bill, known as the DARE Act, the exchange said Monday.
- Registration under the act will allow FTX to expand its platform in the region.
- Salame was formerly the head of OTC at Alameda Research, which backs FTX.
- “With this expansion through the DARE Act we are further committing to providing all our clients with a safe, trustworthy and compliant exchange,” FTX CEO Sam Bankman-Fried said in a statement.
- Bankman-Fried said the exchange is committed to maintaining a close working relationship with local regulators to help promote the growth of crypto.
Read more: Bankman-Fried Says Stricter Regulation of Crypto Exchanges Would Be Positive
STORY CONTINUES BELOW
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
