FTX Establishes Bahamian Subsidiary for New Expansion
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SoftBank-backed cryptocurrency exchange FTX has established a new subsidiary in the Bahamas called FTX Digital Markets. The exchange says in a press release it has been registered by the Securities Commission of the Bahamas as a digital assets business to expand its services in a "compliant manner."

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"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," said FTX CEO, Sam Bankman-Fried.

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As part of the expansion, FTX has appointed Ryan Salame, former Head of OTC at Alameda Research, as the CEO of FTX Digital Markets. Salame will reportedly be responsible for leading FTX Digital Markets local initiatives.

The expansion comes a few weeks after FTX's US arm — FTX.US — expanded its presence on the market by acquiring a Commodity Futures Trading Commission (CFTC) regulated crypto digital currency futures & options exchange and clearinghouse LedgerX. Brett Harrison, President of FTX.US, said that the deal is a "key part" of the exchange's strategy to bring regulated crypto derivatives to its US user base.

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