OKX Expands to the Bahamas With New Registration and Regional Office

The crypto exchange has officially registered as a Digital Asset Business in the Bahamas under the country’s crypto-friendly DARE Act.

AccessTimeIconNov 3, 2022 at 2:30 p.m. UTC
Updated May 9, 2023 at 4:01 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto exchange OKX has registered as a Digital Asset Business in the Bahamas and formed a subsidiary, OKX Bahamas, the company said Thursday.

OKX Bahamas also opened an office in Nassau and plans to hire for 100 positions. The new Bahamian subsidiary will be headed by Jillian Bethel.

The registration comes months after the country passed the Digital Assets and Registered Exchanges (DARE) Act, which opened the door for crypto businesses to operate in the Bahamas.

The announcement underscores the growing appeal of the island nation as a destination for crypto companies. OKX will join FTX, Sam Bankman-Fried's crypto exchange giant, which moved its headquarters to the Bahamas in September 2021.

“The DARE Act has made the Bahamas a pioneer in digital asset adoption, and I’m proud to lead the OKX Bahamas team in championing crypto,” CEO Bethel said in a statement. “As a gateway to the Caribbean and the broader Americas, the Bahamas is opening new doors for local talent and global businesses to thrive here with forward-looking policy.”

In July, OKX also obtained a provisional Virtual Assets Regulatory Authority (VARA) license in Dubai, where it has also opened a regional hub to serve qualified investors within the UAE and surrounding countries.

OKX serves over 20 million global customers in 180 markets and averages over $84 billion in monthly spot trading volume year-to-date, according to the company’s statement.

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Tracy Wang

Tracy was the deputy managing editor at CoinDesk. She owns BTC, ETH, MINA, ENS and some NFTs.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.