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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.
Updated May 11, 2023, 6:01 p.m. Published Sep 20, 2021, 4:15 p.m.
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
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