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.