According to the announcement, FTX will open a new headquarters in the Bahamas, with Ryan Salame as CEO. In addition, the company plans to hire local talent for the important positions in the marketing and tech departments of the new office.
FTX’s CEO, Sam Bankman-Fried announced the news via his personal Twitter account. In the tweet, he stated,
“Today we’re proud to announce that FTX has been registered with the Securities Commission of The Bahamas under the DARE Act of 2020.”
In a series of tweets, Bankman-Fried gave details of what the news means and the future of FTX are in the Bahamas, adding that the firm will set a headquarters in the Bahamas.
Moreover, he said that “As governments all over the world look to regulate the cryptocurrency industry, I hope that The Bahamas and the DARE Act can serve as a guidepost.”
Also, Bankman-Fried expressed his excitement, saying,
“We are excited to be one of the first global crypto exchanges to be part of a comprehensive spot + derivatives regulatory regime.”
Aside from this, he believes that with the expansion via the DARE Act, FTX will can better provide clients with safe and trustworthy exchange to use.