FTX to Open Branches in Gibraltar and the Bahamas

Kavya  |  Sep 21, 2021

The FTX exchange has announced the growth of the crypto exchange through opening two branches, one in Gibraltar and the other in the Bahamas.

FTX Opening Branches In Gibraltar And The Bahamas

The Gibraltar Financial Services Commission has granted Zubr Exchange Limited, the owner and operator of ZUBR, a Gibraltar-based digital asset derivatives exchange, permission to become a supplier of distributed ledger technology.

FTX Trading Limited, the owner and operator of the premier worldwide cryptocurrency exchange FTX.com also announced today that its subsidiary FTX Digital markets have been designated as a digital assets firm by the Securities Commission of the Bahamas.

“We are dedicated to having a tight working relationship with local authorities so that we can navigate putting in place a robust regulatory framework to assist support the growth of this fledgling asset class,” Bankman-Fried said in a prepared statement.

The CEO and creator of FTX have recently made regulations a primary emphasis of his company's expansion. “Every time there is a fraud in crypto, he told Business Insider, that will be pushed by authorities to lock down the market more.” 

Earlier this month, Bankman-Fried told authorities that “this doesn't need to be a war.”

Gary Gensler, Chairman of the Securities and Exchange Commission, is one such regulator. Back in August, he agreed with U.S. Senator Elizabeth Warren that the crypto sector needs “rules of the road” and that it must “fit within public policy frameworks.”

Although Gibraltar and the Bahamas are considerably smaller jurisdictions than the United States, shifting to these two nations suggests that FTX is leaning towards laws rather than trying to avoid them.

FTX's Continuous Growth

The FTX token (FTT) reached an all-time high earlier this month, prompting the company to make the news.

FTT reached a new high of $83 on September 7, 2021. This was followed by the exchange's own NFT platform for US users.

FTX raised $900 million in July, which Bankman-Fried stated will be used mostly for future mergers and acquisitions. The exchange was valued at about $18 billion at the time.

After acquiring the naming rights sponsor of the Miami Heat's arena, the FTX Arena in May of this year, FTX has also created ripples in the sports business.

Related News