• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, July 9, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

FTX Relocates From Hong Kong to Bitcoin-Friendly Bahamas

by Shambhavi Soni
September 26, 2021
in Crypto, News, Trending, World
Reading Time: 3 mins read
0
credits-cryptonomics
TwitterWhatsappLinkedin

FTX Relocates From Hong Kong to Bitcoin-Friendly Bahamas. Founder and CEO Sam Bankman-Fried pointed to regulatory clarity as a reason behind the move. Cryptocurrency exchange with a colossal size Binance has been tight-lipped regarding its location. Its main rival has no such problems.

You might also like

New Academic Studies Allege Uber’s Opaque Algorithm Systematically Boosts Profits at Expense of Drivers and Passengers

CoreWeave’s Game-Changing $9 Billion Acquisition of Core Scientific

Capgemini Announces its Intention to Acquire WNS (Holdings) Limited

credits-cryptonomicscredits-cryptonomics

According to its website, FTX, the second-most popular crypto trading platform, has officially relocated its headquarters from Hong Kong to the Bahamas. It is still a part of Antigua and Barbuda.

FTX Trading Limited received licences for subsidiaries in Gibraltar and the Bahamas earlier this week. It will operate under the name FTX Digital Markets in the latter, where the Securities Commission of the Bahamas has registered it as a digital assets business.

The Bahamas is bitcoin-friendly

“The Bahamas is one of the few nations to set up a full framework for crypto,” FTX founder and CEO Sam Bankman-Fried stated on Twitter. He went on to say that the country “has emerged from COVID alive, safe, and quarantine-free.”

The Bahamas, like other Caribbean nations like Bermuda, has embraced bitcoin firms. Last year, the Bahamas began issuing the Sand Dollar, digital money issued by the central bank. Deltec Bank, situated in the Bahamas, already provides services to FTX, Tether, and other cryptocurrency exchanges.

Furthermore, in late 2020, the country passed the Digital Assets and Registered Exchanges Bill, which allows crypto and other Fintech companies to be licenced. The first digital asset bill to have registered under the statute is FTX Digital Markets. Executive Director Christina Rolle of the Securities Commission praised the DARE Act’s role in bringing FTX to the island—and hinted that additional crypto firms may follow.

“It’s a huge vote of confidence for the jurisdiction,” she told The Tribune of the Bahamas.

“What it signals is that you have a big player like this that is really looking for a jurisdiction that has clearly defined the scope of its regulation, and that is what DARE provides.” Imagine Gary Gensler saying something like that.

On Monday, Bankman-Fried tweeted, “Having a comprehensive, agile regulatory framework with supervision is crucial to ensuring that the crypto business is safe, robust, and thriving.” “We’re ecstatic to be one of the first worldwide crypto exchanges to be regulated in a full spot + derivatives framework.”

Semi-autonomous Hong Kong, on the other hand, is becoming increasingly aligned with mainland China. The Chinese authorities underlined Thursday that cryptocurrency trading is still illegal, even while work on digital yuan proceeds. Binance was under pressure to stop allowing Hong Kong users to trade derivatives on its platform last month. Derivatives include futures, options, and perpetual contracts. It claimed a “commitment to compliance” as the reason.

Hong Kong as a business centre

FTX also generates the majority of its exchange volume via crypto futures rather than spot trading. Making Hong Kong a less-than-ideal site for a headquarters.

In addition, Hong Kong, a major business centre, requires guests to stay in a hotel for up to three weeks. As FTX increases its reach and forges new relationships, this limits its capacity to move swiftly.

Amy Wu, a partner at Lightspeed Ventures who invests in FTX, told Decrypt that she sees the move as beneficial. “Without the quarantines, the Bahamas has been crypto-friendly, open to dialogue, and allows the [management] team to be more nimble.”

 

Tweet54SendShare15
Previous Post

China announced a complete ban on cryptocurrency

Next Post

Kraken App Now Accepts Google Pay And Apple Pay

Shambhavi Soni

Recommended For You

New Academic Studies Allege Uber’s Opaque Algorithm Systematically Boosts Profits at Expense of Drivers and Passengers

by Anochie Esther
July 9, 2025
0
Uber

Uber, the global ride-hailing giant, is once again facing intense scrutiny over its pricing practices. Two independent academic studies, one from the prestigious Columbia Business School in the...

Read more

CoreWeave’s Game-Changing $9 Billion Acquisition of Core Scientific

by Anochie Esther
July 9, 2025
0
CoreWeave

In a landmark deal signaling a significant shift in the competitive landscape of AI infrastructure, CoreWeave, a leading AI hyperscaler, has announced its intent to acquire Core Scientific,...

Read more

Capgemini Announces its Intention to Acquire WNS (Holdings) Limited

by Anochie Esther
July 9, 2025
0
Capgemini

In a significant move set to reshape the digital services sector, global IT giant Capgemini has announced its intention to acquire WNS (Holdings) Limited, a leading digital-led business...

Read more
Next Post
coindesk

Kraken App Now Accepts Google Pay And Apple Pay

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?