FTX Expands in Bahamas With Registered Subsidiary

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