just now
September 24 2021 - FTX Trading Limited, the owner and operator of global cryptocurrency exchange FTX.COM, has announced that it is moving its headquarters to the Bahamas. A Tweet today by the company's CEO Sam Bankman-Fried, confirmed the move after a press release earlier in the week stating that the company's Bahamian subsidiary, FTX Digital Markets, has been registered by the Securities Commission of the Bahamas as a digital assets business under the Digital Asset Registered Exchanges Bill or the "DARE Act." The company stated earlier in the week that "The modernised DARE Act, which establishes a full regulatory framework for digital asset activities, provides greater opportunities for digital asset businesses and will allow FTX to expand its platform in a compliant manner." Bankman-Fried announced that he will also relocate there.,
1) We're really excited to be setting up @FTX_Official's headquarters in The Bahamas!
— SBF (@SBF_FTX) September 24, 2021
a) The Bahamas is one of the few places to set up a comprehensive framework for crypto; FTX is registered
b) The Bahamas has emerged from COVID lively, safe, and without quarantine
Sam Bankman-Fried, CEO & Founder of FTX, commented on the news, "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."
FTX Digital Markets expects to establish a substantial presence in The Bahamas as FTX continues to expand its global presence. Ryan Salame has been appointed as the CEO of FTX Digital Markets and will be responsible for leading their local initiatives. Formerly, Salame was Head of OTC at Alameda Research. Ahead of establishing headquarters in Nassau, Bahamas, a team of Bahamian and international partners worked closely with the Securities Commission of the Bahamas to secure this regulatory approval. Already, plans are in place to hire Bahamians to serve in key roles in the areas of finance, marketing, and software development. This will also provide local talent with the opportunity to join one of the fastest growing exchanges in the rapidly growing cryptocurrency industry.
Ryan Salame, CEO of FTX Digital Markets, concluded, "I'm excited to plant the flag for FTX in The Bahamas. The relationship we have fostered with local regulators culminating with us being authorised 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."
FTX Digital Markets is the Bahamian subsidiary of FTX Trading Ltd., owner and operator of FTX, a leading cryptocurrency exchange built by traders for traders. FTX Digital Markets offers users regulated access to FTX's industry-leading derivatives, options, volatility products, and other FTX products and services.
Earlier this week, Bankman-Fried made it clear that one of the considerations for the move was ease of travel, showing his frustrations with the quarantine restrictions imposed in China in a Tweet earlier this week:
Who would have thought two years ago that a significant consideration for where to live would be "it's actually legal to enter and leave the country".
— SBF (@SBF_FTX) September 24, 2021
FTX one of the largest crypto derivatives trading venues, announced a $900 million Series-B fundraise in July this year, one of the largest fundraises for a crypto company, which valued FTX at $18 billion.
