As the company continues to foster relationships with local regulators, FTX’s subsidiaries in Gibraltar and the Bahamas have received licenses.
The Gibraltar Financial Services Commission (GFSC) has approved FTX’s Gibraltar subsidiary, Zubr Exchange, as a distributed ledger technology (DLT) provider. FTX bought Zubr, a local crypto derivatives exchange, earlier this year, but only revealed the deal on Friday.
According to FTX, the Zubr team has begun to be integrated, but the latter will maintain its local presence and operational autonomy in accordance with the DLT provider license requirements.
FTX Digital Markets, FTX’s Bahamas subsidiary, has been registered as a digital assets business by the Bahamas Securities Commission under the Digital Asset Registered Exchanges Bill, or “DARE Act.” The first digital asset business licensed under the DARE Act, according to FTX, is its Bahamian subsidiary.
FTX Digital Markets has also appointed Ryan Salame, the former head of OTC at Alameda Research, as its CEO as part of its expansion plans in the Bahamas. The company’s headquarters are also in Nassau, Bahamas, where it plans to hire local talent in areas like finance, marketing, and engineering.
“I’m very excited to plant the FTX flag in The Bahamas,” Salame said. “I’m confident that we’ll be able to work closely with regulators to ensure our offerings are compliant in multiple jurisdictions because of the relationship we’ve built with local regulators, which culminated in us being authorized under the framework provided by the DARE Act.”
FTX and its subsidiaries appear to be pursuing regulatory action in a number of countries. To enter the derivatives market, FTX.US acquired regulated crypto derivatives exchange LedgerX last month. “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,” FTX CEO Sam Bankman-Fried said today.