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    SOL down 96.5% since its ATH: Will the Solana blockchain survive FTX?

    SOL down 96.5% since its ATH: Will the Solana blockchain survive FTX?

    The Human Rights Foundation funds the Bitcoin ecosystem (BTC) with $325,000

    The Human Rights Foundation funds the Bitcoin ecosystem (BTC) with $325,000

    Waltio outlines strategy to reduce its taxation on cryptocurrencies

    Waltio outlines strategy to reduce its taxation on cryptocurrencies

    BlockFi files for bankruptcy after FTX collapse

    BlockFi files for bankruptcy after FTX collapse

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    Solana’s Phantom wallet opens to Ethereum and Polygon

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Bitcoin king FTX gets new crypto licenses around the world

September 24, 2021
in Bitcoin, News
Bitcoin king FTX gets new crypto licenses around the world

Bitcoin (BTC) giant FTX continues its meteoric rise into 2021. After winning over many investors in its latest fundraising round, Sam Bankman-Fried’s exchange is convincing regulators. For their part, Binance and Coinbase, its two main competitors, are repeatedly attacked by regulators, in the United States and elsewhere.

A Bitcoin exchange to conquer the world

Last August, FTX announced the acquisition of LedgerX by its American subsidiary, FTX.US. As a reminder, thanks to this investment, the exchange can now offer derivatives to its US investors. Indeed, LedgerX’s derivatives trading platform had already obtained a license from the Commodity Futures Trading Commission (CFTC).

Moreover, the exchange is headquartered in Hong Kong, which also gives it a prime position in the Chinese market compared to its main competitors, Binance or Coinbase. However, the sustainability of this location will have to be confirmed. Indeed, the regulation of digital assets in Hong Kong is expected to change in the coming months.

The company’s main concern is that a draft law provides for a strict supervision of the cryptocurrency industry and the people who can trade them. Indeed, there are rumors around this draft that Hong Kong would only allow access to cryptocurrency markets for wealthy investors. That’s why Sam Bankman-Fried has already stated that if the ban applies to individuals, regardless of their nationality, he would relocate his firm’s headquarters to another country.

FTX is setting up offices in Gibraltar and the Bahamas s

FTX’s subsidiaries in Gibraltar and the Bahamas have just received licenses from local regulators.

First, on Sept. 17, FTX said its Gibraltar subsidiary (Zubr Exchange Limits “ZUBR”) had received approval from the Gibraltar Financial Services Commission to be considered a DLT provider. ZUBR was acquired by FTX earlier this year to expand its territorial reach and benefit from the expertise of local advisors in Gibraltar.

In addition, as of May 2020, ZUBR had already received approval in principle for its DLT provider license in Gibraltar. Unquestionably, FTX saw this acquisition as an opportunity to expand its services in this territory.

“We are delighted that ZUBR is now fully licensed by one of the world’s leading crypto regulatory frameworks. ZUBR obtaining this DLT provider license is a key step towards our goal of creating a trustworthy exchange group that can be used by investors of all types, worldwide.”

Sam Bankman-Fried, Founder and CEO of FTX

Then, just 3 days later, the company announced that the Bahamas Securities Commission has accepted the registration of FTX Digital Markets – FTX’s Bahamian subsidiary – as a digital asset company. This registration is required under the Registered Digital Asset Exchange Act (DARE Act). In addition, it will allow FTX to offer its services in The Bahamas in a compliant manner.

It would appear that FTX is engaging in “legal strategy shopping”. It is clear that the Hong Kong exchange is taking into account the regulatory situation of companies in its acquisition projects. This meticulous study is paying off and is allowing FTX to progressively conquer all continents.

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