Sam Bankman-Fried’s cryptocurrency exchange FTX plans to establish a “substantial presence” in The Bahamas.
FTX, one of the world’s largest cryptocurrency exchanges, continues expanding operations by inking major regulatory approval in The Bahamas.
The Securities Commission of The Bahamas has registered FTX Digital Markets, the Bahamian subsidiary of the global FTX crypto exchange, as an official digital asset business, the firm announced Sept. 20.
The regulatory approval is granted under the Digital Asset Registered Bill of The Bahamas, the country’s new digital asset-related legislation that came into force in late 2020. Also known as the DARE Act, the legislation establishes a comprehensive regulatory framework for digital asset operations in The Bahamas, regulating and supervising virtual asset service providers.
The regulatory approval will help FTX establish a “substantial presence” in The Bahamas as the exchange continues to expand its global presence. Ryan Salame, former head of over-the-counter trading at Alameda Research, has already joined FTX Digital Markets as CEO, and will be responsible for managing FTX’s local initiatives.
“The relationship we have fostered with local regulators culminating with us being authorized under the framework offered through the DARE Act, gives me confidence that we’ll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions,” Salame said.
FTX did not specify what crypto services it’s planning to roll out in The Bahamas as part of its new expansion. Cointelegraph reached out to FTX and will update the story pending new information.
FTX is one of the largest crypto exchanges in the world, operating more than $3.5 billion in daily trading volumes at the time of writing, according to data from CoinMarketCap. The company has been actively expanding its operations and acquiring major industry players after closing a $900 million funding round in July. In late August, the company announced the acquisition of LedgerX, a licensed options and futures trading platform in the United States.