FTX’s Bahamas-based Subsidiary Becomes a Registered Entity
FTX Digital Markets, the Bahamian subsidiary of rapidly growing crypto derivatives platform FTX, announced on Monday that it is now a regulated entity.
The Bahamas-based platform has been registered by the Securities Commission as a digital assets business under the Digital Asset Registered Exchanges Bill or the “DARE Act.” This Act which establishes a full regulatory framework for digital asset activities, will allow the exchange to expand in a compliant manner. Sam Bankman-Fried, CEO & Founder of FTX said,
“We are committed to maintaining a close working relationship with local regulators so that together we can navigate putting a comprehensive regulatory framework in place to help promote the growth of this nascent asset class.”
Ryan Salame, former Head of OTC at Alameda Research, has been appointed as the CEO of the platform, which will be headquartered in Nassau, Bahamas. It will be hiring key roles locally in the areas of finance, marketing, and software development.
Bankman-Fried tweeted about the announcement saying Bahamas’ comprehensive regulatory framework is “essential to ensuring that the crypto industry is safe, robust, and growing.”