FTX Leaves Hong Kong as China Reiterates Crypto Ban
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Cryptocurrency exchange FTX has abandoned its office in Hong Kong as China has vocally reiterated ban on cryptocurrencies and crypto-related business. FTX spokeswoman confirmed Bloomberg in an email that the exchange is now headquartered in the Bahamas.

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While the reason behind the move officially remains undisclosed, FTX spokeswoman Natalie Tien said the exchange is committed to maintaining a "close working relationship with local regulators to help promote the growth of crypto."

"As jurisdictions roll out comprehensive crypto regulatory regimes, we are excited to take part. In addition to this, we are prioritizing offices in jurisdictions without travel restrictions," Tien said.

FTX Establishes Bahamian Subsidiary for New Expansion

The move follows China's recent move as the local central bank banned foreign platforms from offering their services to Chinese investors and strengthened monitoring of operations.

According to the People's Bank of China, services related to cryptocurrencies cannot be offered. As a result, financial institutions, payment companies and IT companies are prohibited from conducting transactions in cryptocurrencies.

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