Home Crypto Bitcoin (BTC) exchange FTX.com starts big move, the Bahamas as new home

Bitcoin (BTC) exchange FTX.com starts big move, the Bahamas as new home

The now well-known cryptocurrency exchange FTX.com has embarked on a major move. The company had its headquarters in Hong Kong for a long time, but will now relocate it to the Bahamas. In an announcement a few days ago, FTX explains why it has made this choice.

Cryptocurrency exchanges, their headquarters and regulations are a tricky issue. It largely determines which rules and laws are applicable, and if these are unclear or too strict, this can significantly affect the future of an exchange. For example, exchanges are not allowed to offer services to Americans just like that. That is even more complex in China after the recent announcement that the country wants to ban crypto transactions. FTX has made the choice to move its headquarters for this reason.

Hong Kong has long been an ideal place for crypto companies with a relatively crypto-friendly climate. However, the future prospects are less rosy now that China is advancing further into the country. The measures taken by Hong Kong regarding the corona virus, such as mandatory quarantine, would also have played a role in the choice for the Bahamas.

“We are very excited about setting up the FTX headquarters in the Bahamas!
a) The Bahamas is one of the few places where a comprehensive framework for crypto is being established; FTX is registered
b) The Bahamas emerged from COVID alive, safe and quarantined”

Closer to home, FTX has taken another important step. Its subsidiary Zubr Exchange is licensed got in Gibraltar to operate as a distributed ledger technology provider. With this, FTX is taking another important step in its expansion strategy worldwide. The exchange is slowly moving into the top of the largest crypto exchanges.

Increasing brand awareness is also part of that strategy. Anyone who watched the Formula 1 race in Russia last week will undoubtedly have seen the FTX logo on the Mercedes-AMG Petronas cars. For those who missed it, below is a picture of where you can find them!

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