FTX Establishes Presence in Australia

  • The new Australian division of FTX already holds an Australian Financial Services License, and will provide crypto exchange and OTC services, including derivatives.
  • FTX has focused heavily on expanding globally this year, and has already established offices in Europe and Dubai.
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Cryptocurrency exchange FTX continues to expand globally, and has now established a new local presence in one of the largest cities in Australia, the company said in a press release on 20 March.

According to the announcement, FTX Australia already holds an Australian Financial Services License, and will be headquartered in Sydney. This license will enable FTX to offer exchange and over-the-counter (OTC) products and services to its Australian customers, as well as act as the issuer of derivatives, including options, futures, and contracts for difference (CFDs). The founder and CEO of FTX, Sam Bankman-Fried, said in a statement:

“We’re excited to bring FTX’s innovative products and services to the Australian marketplace. The establishment of FTX Australia should provide all our local clients with the confidence of trading on a registered and licensed platform. We look to be a participant in policy discussions globally and will seek to continue this same level engagement locally through FTX Australia, and we are encouraged by the important work being undertaken to establish a new digital asset licensing regime.”

The Bahamas-based crypto exchange has been heavily focused on its global expansion this year, and especially this month. Several weeks ago, the exchange established FTX Europe — which secured the approval of the Cyprus Financial Market Regulator CySEC — to offer its services across the European Economic Area (EEA). FTX Europe also became the first crypto company to receive a license from the newly established Virtual Asset Regulatory Authority (VARA), enabling it to provide crypto exchange and trading house services in Dubai.

At the end of last year, the Australian government revealed its intention to establish a “world-leading” regulatory framework around cryptocurrencies. Earlier today, the Australian government also published a draft consultation paper — entitled “Crypto asset secondary service providers: Licensing and custody requirements” — and is now looking for industry feedback and comments.

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