The FTX exchange established new subsidiaries in the Bahamas and Gibraltar, expanding even further as we are reading more in our latest crypto news today.
FTX recieved licenses in Gibraltar and the Bahamas for two of its subsidiaries. The news came amid FTT which is the native token of the exchange, hit a new all-time high. FTX exchange established a presence in two new jurisdictions now and the owner and operator of ZUBR digital assets derivatives exchange announced that the exchange can be authorized by the Gibraltar Financial Services Commission to become a distributed ledger technology provider.
FTX Trading Limited as an operator of crypto exchange FTX announced today that its subsidiary was recognized as digital assets business under the Securities Commission of the Bahamas. Sam Bankman Fried commented:
“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.”
The CEO made regulations his main focus of the company’s expansion and each time there’s a scam in crypto, he said he is going to be even more pushed by the regulators to lock down the industry even more. Bankman-Fried said that this doesn’t have to be a war with the regulators. The SEC chairman however joined US Senator Elizabeth Warren in saying that the crypto industry needs plenty of rules of the road and that it has to come within the public policy frameworks.
Bahamas and Gibraltar are smaller jurisdictions than the US which is why FTX pivoted to these two countries suggesting that the exchange gets into places with regulation rather than trying to avoid them. The announcements came amidst the FTX token hitting an ATH earlier this month. FTT rose to a record price of $83 which followed the exchange launching its own NFT for all US users. Back in July, FTX raised $900 million that Bankman Fried said it will go towards future mergers and acquisitions while the exchange had a valuation of $18 billion. FTX also made plenty of waves in the sports industry after it became teh naming rights sponsor of the Miami Heat stadium earlier this year.
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