FTX’s Bahamian Subsidiary becomes first digital asset business licensed under The Bahamas DARE Act
FTX Trading Limited, owner and operator of leading global cryptocurrency exchange FTX.COM, announced that its 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 modernized 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.
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, former Head of OTC at Alameda Research has been appointed as the CEO of FTX Digital Markets and will be responsible for leading their local initiatives. 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.
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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 authorized 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.”
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