The Zubr Exchange and FTX Digital Markets, owned by the FTX cryptocurrency exchange, have been licensed to operate in Gibraltar and the Bahamas.
How
informs The Block, at the beginning of the year FTX acquired the Zubr Exchange, a Gibraltar-based cryptocurrency derivatives exchange, but information about this deal has surfaced quite recently. Zubr Exchange is licensed by the Gibraltar Financial Services Commission (GFSC). This will allow the site to function as a distributed ledger technology (DLT) service provider.
As for the Bahamas FTX Digital Markets platform, it has been licensed by the Bahamas Securities Commission under the Digital Asset Registered Exchanges Bill (DARE Act). As part of the expansion in the Bahamas, Ryan Salame, former head of OTC trading at Alameda Research, has been appointed as CEO of FTX Digital Markets. Going forward, FTX Digital Markets plans to attract finance and marketing professionals as well as engineers.
“I am very pleased to ‘set the flag’ for FTX in the Bahamas, now we can work closely with the regulators. This gives me confidence that our proposals are compliant with regulatory requirements, ”Salame said.
FTX.US is set to complete its acquisition of the LedgerX derivatives exchange in October. Previously, FTX CEO Sam Bankman-Fried said that cryptocurrency derivatives are important for increasing market liquidity, but their potential is underestimated. Bankman-Freed believes it is necessary to maintain “good relations” with regulators, as this will contribute to the development of the cryptocurrency industry.
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