Latest News

Bahamas; New Location Of FTX Crypto Exchange HQ

The crypto-derivatives exchange FTX is officially moving its headquarters to the Bahamas.

Furthermore, this follows an announcement on Monday of the company’s Bahamian subsidiary.

Recall, this week FTX Trading Ltd. files registration with the Securities Commission of the Bahamas as a digital assets firm. More so, Ryan Salame is now the CEO of FTX Digital Markets.

Salame is formerly the head of over-the-counter at Alameda Research.

Furthermore, global lawmakers continues deliberating regulations for the crypto industry. Bahamas already knows its stance on the subject, this is why the exchange wants there.

Also, comments from FTX founder Sam Bankman-Fried shows the regulatory bodies of the Bahamas have a proactive stance on cryptocurrencies. Of course, this is a major reason for the switch.

FTX Moves Due To Regulatory Body Effects

Chinese Government continues imposing more ban on digital currencies, starting from the mining crackdown.

More so, Australia, Japan, and South Africa continues rolling out additional or more strict crypto directives. However, FTX wants a close relationship with regulators. Natalie Tien, a FTX spokesperson explains better through an email.

“We are committed to maintaining a close working relationship with local regulators to help promote the growth of crypto and we are further committing to providing all our clients with a safe, trustworthy and compliant exchange,” Tien said. “As jurisdictions roll out comprehensive crypto regulatory regimes, we are excited to take part. In addition to this, we are prioritizing offices in jurisdictions without travel restrictions.”

Additionally, the exchange also has headquarters in San Francisco, California.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.