FTX to shift HQ to Bahamas as Hong Kong regulations tighten
Popular crypto derivatives exchange FTX is now planning to shift its operations from Hong Kong to the Bahamas, founder and CEO Sam Bankman-Fried tweeted on the 24th.
The announcement came after FTX subsidiary, FTX Digital Markets, received a license from regulators to operate in Gibraltar and the Bahamas.
An FTX spokesperson confirmed the news to news outlet Coindesk and said:
“FTX is committed to maintaining a close working relationship with local regulators to help promote the growth of crypto and is furthering its commitment to providing all our clients with a safe, trustworthy and compliant exchange.
As jurisdictions, like the Bahamas, roll out comprehensive crypto regulatory regimes, we are excited to take part by establishing a local presence.”
While Hong Kong previously had a favorable environment for cryptocurrencies, an increasing crypto crackdown in China might result in an unfavorable outcome for FTX.
The post FTX to shift HQ to Bahamas as Hong Kong regulations tighten appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
