FTX Trading Limited, the owner as well as operator of the global cryptocurrency exchange FTX.COM, recently announced that their Bahamian subsidiary, FTX Digital Markets got 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 subsidiary firm FTX Digital Markets appointed Ryan Salame, former Head of OTC at Alameda Research as their CEO and he will be responsible for powering their local initiatives.
The CEO and Founder of the FTX, Sam Bankman-Fried, stated out on news that, 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.”
Ahead of establishing headquarters in Nassau, Bahamas, a team of Bahamian and global partners worked closely with the Securities Commission of the Bahamas to secure this regulatory approval. Plans are in place to hire Bahamians to serve in key roles in the areas of finance, marketing, and software development.
This will also offer native talent with the prospect to join one of the swiftest growing exchanges in the speedily growing cryptocurrency industry. 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.”