Cryptocurrency exchange FTX has established itself in Gibraltar and the Bahamas.
FTX announced its expansion in Gibraltar and the Bahamas by opening new branches in these areas. Each of the new affiliates obtained licenses from their respective local regulators.
Zubr Exchange, a Gibraltar affiliate, will act as a company Distributed Ledger Technology Provider It has already received approval from the Gibraltar Financial Services Commission. Zubr previously operated as a digital asset derivatives platform until it was acquired by FTX earlier this year. FTX had previously hinted that it plans to consolidate its presence in the region after the deal, the details of which were published late last week. Zubr will continue to operate in the region as it continues to integrate with FTX.
FTX Digital Markets, the Bahamian subsidiary, has been given the go-ahead from the Bahamian Securities Commission and has moved its headquarters to Nassau. will work as a file digital asset entity It will be the first in the market to be governed by the Registered Exchange of Digital Assets Act. Legislation regarding digital assets is relatively recent and only came into effect at the end of last year.
On the expansion in the Bahamas, FTX Managing Director Sam Bankman-Fred said: “We strive to maintain close working relationships with local authorities so that we can put in place a strong regulatory framework to help support the growth of this emerging asset class.”
Ryan Salameh, who previously worked at Alameda Research as Head of OTC Trading, has been appointed as Managing Director. FTX did not provide further details about the services it will bring to market. The subsidiary will draw its workforce from the local market to fill positions in various departments, including marketing and finance.
Salama said of the expansion: “I am very happy to plant the FTX flag in the Bahamas. Our relationship with local regulators, which culminated in our mandate under the DARE framework, gives me confidence that we will be able to work closely with regulators to ensure that our offerings are compliant in multiple jurisdictions.”
It appears that FTX has resorted to acquiring and using companies to expand its reach while maintaining a good relationship with regulators. The US arm of the exchange announced that it entered into an acquisition agreement for crypto derivatives exchange LedgerX in August. This arrangement paved the way for the company’s entry into the derivatives market.