The US-based affiliate of FTX crypto exchange has applied for a New York trust charter with the state’s Department of Financial Services (NYDFS) to offer crypto custody services in the state.
<h2><strong>FTX US Becomes Latest to Apply for a Bank Charter</strong></h2>
According to an official <a href="https://www.prnewswire.com/news-releases/ftx-us-appoints-marissa-macdonald-as-chief-compliance-officer-of-ftx-trust-301544747.html" target="_blank" rel="noopener">announcement</a>, FTX US has applied for a trust charter with the New York financial services. If approved, the crypto platform will be able to offer its products and services to clients based in New York.

With a banking charter, FTX.US can provide sub-custody services for any financial institution seeking to secure large amounts of digital assets. However, a New York charter would place the exchange under increased regulatory scrutiny.

To date, the state’s regulator has only approved the coveted license to only a handful of crypto companies, namely wallet and custodian BitGo, Gemini and Coinbase exchanges, as well as stablecoin issuer Paxos.
<h2><strong>FTX US Already Named Its Chief Compliance Officer
</strong></h2>
Pending regulatory review and approval, the licensed trust will be run by Fidelity Investments veteran Marissa MacDonald, who will assume the role of chief compliance officer.

https://twitter.com/Brett_FTXUS/status/1524372354528423941

FTX.US has seen its valuation climb to $8 billion following the successful closing of Series A funding worth $400 million. The parent company, FTX Trading, was recently valued at $32 billion.

FTX US Applies for Trust Charter in New York

FTX US has applied for a New York trust charter with the Department of Financial Services (NYDFS) in order to offer crypto custody services in the state.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

FTX US Applies for Trust Charter in New York

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