Derivative exchange FTX confirmed that it moved its headquarters to the offshore jurisdiction, where it recently registered its subsiduary by the Securities Commission of the Bahamas as a digital assets business under the Digital Asset Registered Exchanges Bill or the “DARE Act.”
Sam Bankman-Fried, CEO & Founder of FTX, commented in the press release “With this expansion through the DARE Act we are further committing to providing all our clients with a safe, trustworthy, and compliant exchange. 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, CEO of FTX Digital Markets, commented in the same press release “I’m excited to plant the flag for FTX in The Bahamas. 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.”
It is interesting noting that as Western and Eastern countries tighten their grip on cryptocurrency businesses and users, offshore jurisdictions step up with a safe and friendly regulatory environment.
FTX is not available to US residents.
- Original Press Release: https://www.prnewswire.com/news-releases/ftx-establishes-substantial-presence-in-the-bahamas-and-appoints-ryan-salame-as-ceo-301380243.html
- Bloomberg confirmation: https://www.bloombergquint.com/global-economics/bankman-fried-s-crypto-exchange-ftx-leaves-hong-kong-for-bahamas