A significant cryptocurrency exchange Following the acquisition of a key financial license in Australia, FTX has formally established itself in the country.
By satisfying lawmakers and engaging “proactively” with regulators, FTX hopes to move ahead of the regulatory curve. In addition to traditional spot market services, FTX Australia will offer crypto derivatives. The local firm will be based in Sydney, following in the footsteps of other global exchanges that have already established a presence on the island nation.
FTX CEO Sam Bankman-Fried announced the debut of FTX Australia during a virtual address to a crowd assembled for the country’s annual Blockchain Week.
Following FTX’s acquisition of an undisclosed company that previously held an Australian Financial Services Licence, the company has established a domestic presence. Other big exchanges, such as Binance and Kraken, have already created a local presence in the last two years, and this decision is in line with them.
Australians have had access to FTX’s worldwide platform for some time, but the exchange is seeking to stay ahead of the regulatory curve by satisfying policymakers and engaging “proactively” with regulators.
“We’d love to collaborate with regulators and politicians to better understand the crypto ecosystem and develop legislative frameworks for studying it,” Bankman-Fried added.
He went on to say that FTX was “doing everything we can” to help create a “strong, healthy” ecosystem in the country, one that prioritized consumer protection.
According to a statement released on Sunday, the domestic exchange would offer most of its parent’s bells and whistles by offering its goods in the crypto derivative and spot markets.
Options contracts, futures contracts, contracts for difference, and leveraged tokens will be issued by FTX Australia, which will be based in Sydney.
Australia: Regional Crypto Hub
The 30-year-old CEO said Australia was an important jurisdiction that global exchanges should pay attention to, and that the country had a “huge opportunity” to lead the rest of the region through innovation.
“I believe the world is yearning for a regional hub for crypto right now in APAC,” Bankman-Fried added. “Australia is a very important population for the cryptocurrency sector, and we’ve seen a lot of demand from there.”
He claimed FTX’s entry into the country was part of a “general drive” by the exchange to get licenses in “as much of the world as feasible” over the last 12 months.
According to the exchange, the formation of FTX Australia “highlights FTX’s long-term commitment” to the local market and “represents the “logical next step” in FTX’s global expansion.”
Following the creation of the United Arab Emirates’ Virtual Asset Regulation Law, which also designated a watchdog to supervise the nascent industry, the exchange was granted a license to operate there.
Earlier this month, the exchange merged its European operations under one roof in order to better serve clients across Europe and the Middle East.
FTX is a cryptocurrency exchange based in the Bahamas. FTX is headquartered in The Bahamas and was founded in Antigua and Barbuda. As of July 2021, the exchange had over one million members and a daily trading volume of $10 billion.FTX runs FTX.US, a separate exchange for citizens of the United States.
Also Read: The FTX Crypto Exchange has been Granted a License to Build a Headquarters in Dubai
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