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Finance

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.

By Tanzeel Akhtar
AccessTimeIconSep 20, 2021 at 4:15 p.m. UTC
Updated May 11, 2023 at 6:01 p.m. UTC
Lighthouse, Nassau, Bahamas. (Viola/Pixabay)

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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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Tanzeel Akhtar
Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

Follow @Tanzeel_Akhtar on Twitter

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