FTX exchange shift headquarter to Bahamas
Due to scruinities issues, FTX decided to move to a more friendly ecosystem to operate their crypto business.
FTX is a famous derivatives based crypto exchange. Before this, the headquarters of FTX was in Hongkong. As we know about the regulators of Hong Kong, very strict standards. According to fee reports, Hong Kong regulators will soon introduce additional rules on the crypto services. Those new services will be almost a type of high restrictions and retardation in the operations of the derivatives based crypto trading services.
Last week, FTX Exchange filed to register the FTX Exchange with the Securities Commission of Bahamas. Now FTX exchange confirmed that they will shift their headquarters in the Bahamas from Hong Kong because they don’t want to mess with the local regulators of Hong Kong.
On Friday, Natalie Tien, a FTX spokesperson talked on this stance in an email
“We are committed to maintaining a close working relationship with local regulators to help promote the growth of crypto and we are further committing to providing all our clients with a safe, trustworthy and compliant exchange”
In the present time, regulators of South Africa, Australia and US are highly active against the crypto firms which are giving high reward based products or something tricky like Futures & Derivatives trading. Day by day new statements on crypto & crypto services are making it tougher for the crypto companies to operate their business. Probably one of the tensions of the FTX exchange was for the future, and they fixed it in this initial stage.