FTX Plans to Enter US Market by launching Spot Exchange

Vandana  |  Apr 28, 2020

FTX, a derivatives exchange backed by Binance is all set to enter the U.S. market by offering cryptocurrency trading. It has been reported that the company has already been testing its services which are based in the U.S. However, it is still in a beta version, the company is planning to launch a fully developed version in May.

FTX trying to gain a license from US authorities

As FTX is planning to launch its crypto exchange in the U.S., it is trying hard to gain the license from various U.S. authorities. The firm has already gained a few of them which includes, Money Service Business (MSB) and the Financial Crimes Enforcement Network (FinCEN). Now it is trying to gain the Money Transmitter Licenses (MTL) from a few states of the U.S.

In order to start its service in the U.S., FTX needs to fulfil all the requirements of the financial services and customer protection laws of the state. The primary concern of the exchange is to seek for anti-money laundering controls as only then the proper implementation will be made possible.

More digital, as well as fiat currencies, might be launched 

It has not been much time since the launch of FTX as it was launched last year only. In such a short span of time, it has managed to become one of the most famous crypto derivatives exchanges. It has also managed to get support from some huge giants like Binance, Proof-of-Capital and a lot more.

It has been revealed that FTX is planning to keep all of its US operations completely independent. There will be a separate order book, particularly for the U.S. and some primary derivatives businesses. The firm is also planning to launch some more digital as well as fiat currencies on its platform. It is currently testing its trading with six major currencies including Bitcoin, Tether and other famous ones.

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