FTX Exchange Launches Subsidiary in The Bahamas
- FTX Digital Markets has been registered with the Securities and Exchange Commission of the Bahamas.
- The company plans on using the Bahamas as a jumping board for launching in other jurisdictions.
Sam Bankman-Fried, former CEO of FTX, speaking at the Binance Blockchain Week, Singapore, 19 January, 2019. Binance
FTX Trading, the owner and operator of the global crypto exchange FTX.com, announced that it registered a subsidiary in the Bahamas. According to a press release published on 20 September, FTX Digital Markets has been registered with the Securities and Exchange Commission of the Bahamas as a digital assets business under the “DARE Act.”
The modernized digital asset bill provides a clear regulatory environment for digital asset businesses in the country and will allow FTX to expand its platform in a compliant manner, the company said.
“With this expansion through the DARE Act we are further committing to providing all our clients with a safe, trustworthy, and compliant exchange,” said Sam Bankman-Fried, the Founder and CEO of FTX. “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.”
Ryan Salame, the former Head of OTC at Alameda Research, has been appointed as the CEO of the new subsidiary and will lead all local initiatives. FTX said it plans on hiring Bahamians to serve in key roles in the areas of finance, marketing, and software development.
Salame said the relationship FTX has fostered with local regulators in the Bahamas will enable the company to establish its presence in other jurisdictions as well.
- The former CEO of now bankrupt crypto exchange FTX was arrested in the Bahamas on Monday at the request of the U.S. government, which has filed criminal charges against SBF.
- Although the indictment documents remain sealed, sources have said that the charges include wire fraud, securities fraud, money laundering, and related conspiracy charges.
Sam Bankman-Fried, former CEO of FTX, speaking at the Binance Blockchain Week, Singapore, 19 January, 2019. Binance
- A unit of the exchange, FTX Property Holdings, bought 15 properties worth above $100 million in 2021 and 2022, which included seven luxury condos.
- Sam Bankman-Fried, his parents, and top executives of now bankrupt FTX also made several purchases, including a $16.4 million “vacation home”.
- The SCB announced that it had ordered FTX Digital Markets to transfer its assets to a wallet owned by the commission on 12 November, which could shed some light on recent suspicious transactions.
- A bankruptcy filing from Thursday revealed that Alameda Research had give out $4.1 billion in loans to related parties, with Sam Bankman-Fried personally receiving $1 billion.