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.

AccessTimeIconSep 20, 2021 at 4:15 p.m. UTC
Updated Sep 20, 2021 at 4:36 p.m. UTC

Tanzeel Akhtar is a reporter based in London,UK.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC