FTX Registers With Bahamian Securities Commission

The owners of the FTX crypto exchange, FTX Trading Limited (FTX), announced that its Bahamian Subsidiary has now been registered with the Bahamian Securities Commission. The Subsidiary called FTX Digital Markets was registered under the Digital Asset Registered Exchanges (DARE) Bill as a digital asset business. In accomplishing this, FTX became the first digital asset firm to be listed under the DARE Act.

The CEO of FTX, Sam Bankman-Fried, shared this news on his personal Twitter page. In the tweet shared, he announced that “We are proud today to announce that FTX has been listed with the Bahamians Securities Commission under the 2020 DARE Act.”

In the other follow-up posts, he gave details to the implication of the news as to the future of the FTX in the Bahamas. Bankman-Fried said the firm would establish a headquarters in the Bahamas with the hope that as the crypto regulation gets tight across the world, the DARE Act of the Bahamas can serve as a guidepost. He added that the FTX is quite happy to be one of the first crypto exchanges globally to be part of a derivative and comprehensive spot regulatory regime. The CEO, in his statement, hopes that FTX will be able to serve its clients better through the DARE Act by providing a trustworthy and safe exchange for all to use.

FTX Pioneering the Crypto Industry in the Bahamas

Part of the News release of the firm stated that FTX would be appointing Ryan Salame as the FTX Digital Market CEO in the Bahamas. The former OTC Head at Alameda Research will now oversee the leadership of the local initiatives in FTX Digital Markets.

Speaking on the new appointment, Salame said: “I am very happy to set the flag of FTX waving in the Bahamas. Our confidence is from the relationship we fostered with the local regulators through the DARE Act framework which will see us work more closely with the regulators to ensure that all our offerings are all compliant in different jurisdictions.”

It was also revealed in the FTX statement that the team would be collaborating with a team of partners in the Bahamas and the Securities Commission to ensure regulatory approval. The plans to hire more locals to fill the major roles in software development, marketing, and finance for the FTX Markets are in motion.

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