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FTX subsidiaries receive crypto licenses in Gibraltar and the Bahamas

September 20, 2021

FTX subsidiaries receive crypto licenses in Gibraltar and the Bahamas
  • Crypto exchange FTX’s subsidiaries in Gibraltar and the Bahamas have received licenses from local regulators.
  • FTX’s Bahamas subsidiary has also appointed Ryan Salame, former head of OTC at Alameda Research as its CEO.

Crypto exchange FTX's subsidiaries in Gibraltar and the Bahamas have received licenses as the company continues to foster relationships with local regulators.

FTX's Gibraltar subsidiary, Zubr Exchange, has received authorization from the Gibraltar Financial Services Commission (GFSC) as a distributed ledger technology (DLT) provider. Zubr is a local crypto derivatives exchange, which FTX acquired earlier this year, but revealed the deal on Friday.

FTX said it has begun integrating the Zubr team, but the latter will maintain its local presence and operational autonomy in line with the DLT provider license requirements.

As for FTX's Bahamas subsidiary, FTX Digital Markets, it has been registered by the Securities Commission of the Bahamas as a digital assets business under the Digital Asset Registered Exchanges Bill or the "DARE Act." FTX said its Bahamian subsidiary is the first digital asset business licensed under the DARE Act.

As part of its expansion plans in the Bahamas, FTX Digital Markets has also appointed Ryan Salame, former head of OTC at Alameda Research as its CEO. The firm also has headquarters in Nassau, Bahamas, and plans to hire local talent for areas such as finance, marketing, and engineering.

"I'm excited to plant the flag for FTX in The Bahamas," said Salame. "The relationship we have fostered with local regulators culminating with us being authorized under the framework offered through the DARE Act, gives me confidence that we'll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions."

FTX and its units appear to be taking regulatory initiatives in several countries. Last month, FTX.US acquired regulated crypto derivatives exchange LedgerX to enter the derivatives market. FTX CEO Sam Bankman-Fried today said the company is "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."

Source: The Block