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- Corporation has invested $900 million in July, looking for more expansion
- FTX officially available in The Bahamas
FTX, one of the world’s largest cryptocurrency exchanges, has received key regulatory approval in The Bahamas, allowing it to continue expanding its operations. The Bahamas Securities Commission has approved FTX Digital Markets, the Bahamian affiliate of the global FTX crypto exchange, as a legitimate digital asset business, according to the company.
The regulatory approval is issued under the Bahamas’ new digital asset-related legislation, the Digital Asset Registered Bill, which went into effect in late 2020. The DARE Act, also known as the Digital Asset Regulation and Enforcement Act, is a piece of law that sets a complete regulatory framework for digital asset activities in The Bahamas, regulating and monitoring virtual asset service providers.
Expanding its wings
As the exchange continues to extend its global reach, the regulatory licence will assist FTX in establishing a significant presence in The Bahamas. Ryan Salame, the former head of Alameda Research’s over-the-counter trading, has already joined FTX Digital Markets as CEO and will be in charge of the company’s local initiatives.
The relationship that has been built with local authorities, culminating in authorization under the DARE Act’s framework. It gives confidence that the authorities will be able to work closely with them to ensure their offers are compliant in many jurisdictions, Salame said.
Growth trajectory continues
As part of its new growth, FTX does not identify which crypto services it plans to offer in The Bahamas. According to CoinMarketCap data, FTX is one of the world’s top crypto exchanges, with daily trading volumes of $1,090,329,062 USD at the time of writing. The FTX token price for today is $57.49. FTX token is showing the signs of improvement and is moving up with 3.82% in the last 24 hours.
The current CoinMarketCap ranking is 24 with a live market cap of $6,943,183,597 USD. It has a circulating supply of 120,775,461 FTT coins. The top exchanges for trading FTX are currently Binance, Mandala Exchange, Huobi Global, FTX and ZT.
Following a $900 million investment round in July, the corporation has been aggressively expanding its operations and purchasing important industry competitors. The company announced the purchase of LedgerX, a regulated options and futures trading platform in the United States, in late August.
Launched on May 8, 2019, FTX is a native cryptocurrency token of the crypto derivatives trading platform FTX.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
