FTX, the world’s third-largest cryptocurrency exchange led by Sam Bankman-Fried, the 29-year-old billionaire seems to think that crypto life is better in the Bahamas, especially after the recent and most drastic China crackdown.
A few days ago, the company announced that “its Bahamian subsidiary, FTX Digital Markets, had been granted regulatory approval in the Bahamas as a digital assets business, and named Ryan Salame to lead the unit.”
Bankman-Fried, said recently in an interview on Bloomberg Technology Show, that the decision to move his company from its headquarters in Hong Kong to Nassau Bahamas, was in the works for a while and not because of the China crypto crackdown.
He explained that the Bahamas was the decision, especially since it was one of the first countries in the world to roll out a comprehensive crypto-friendly legal and regulatory framework with the D.A.R.E Act. Bankman-Fried said that they are happy to be regulated there, by the Bahamas Securities Commission. The Crypto billionaire, also said that the Bahamas is the place where they can go on business trips as there is now no more Pandemic-related quarantine in place.
Just days ago, China’s crypto crackdown sent shockwaves across the global cryptocurrency industry again, by stating that all crypto-related transactions are banned, that cryptos cannot circulate in their market and offshore exchanges are banned from crypto services.
FTX’s mantra is about giving people an easy, efficient, safe way to buy and sell cryptocurrencies with transparency and equitable access are at the core of the company’s mission. The currency exchange is open to everyone- to institutions, individuals, and retail, and recent has cemented investors like Shark Tank millionaire Kevin O’Leary and American Basketball icon Stephen Curry.
