Galaxy Digital is moving its operations offshore, as the firm sees no regulatory clarity in the US.
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Galaxy Digital boss, Mike Novogratz, said during a first-quarter earnings conference call on Tuesday the firm wants "to grow outside of the US, at a much quicker pace than we were growing in the United States." Novogratz doesn't think the regulatory environment in the US is not going to be friendly anytime soon, as the Securities and Exchange Commission will continue to "regulate with lawsuits."
"So it’s a little bit of a stasis. It's one reason, quite frankly, that we are moving more of our operations offshore and certainly looking at the opportunity set," Novogratz added.
In February this year, Galaxy Bahamas, a subsidiary of Galaxy Digital, secured an approval from the Securities Commission of The Bahamas in December to operate as a digital asset business provider. The arm offers market making and staking services.
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