The plans were announced by founder and CEO Sam Bankman-Fried (SBF) at Blockchain Week, one of the largest blockchain conferences in Australia.
We look forward to bringing FTX’s innovative products and services to the Australian market. The establishment of FTX Australia aims to give all of our local clients the peace of mind of trading on a registered and licensed platform.
Sam Bankman-Fried at Blockchain Week
The notice also mentions that Australia It will be based in Sydney, the financial center of Australia. The company already has an Australian financial services license and acts as an issuer of OTC derivatives, including options contracts, futures contracts and contracts for difference (CFDs).
Crypto in Australia: New legal framework
So far, Australia hasn’t made much of an impact when it comes to cryptocurrencies. However, SBF emphasized Australia’s special role:
Australia is a respected financial center in the Asia Pacific region and is an important and growing market for FTX. Australians have long been known for embracing new technology, particularly when it comes to financial services. The formation of FTX Australia underscores FTX’s long-term commitment to the Australian market and is the next step in FTX’s global expansion.
Sam Bankman Fried, Source: press release
The 30-year-old added that so far there has been huge demand from Australia. Until now, users based there could only access the international version of the platform. With the announced plans, they want to take a step particularly towards the regulators. As the CEO of FTX emphasizes, vast resources have already been made available for dialogue with regulators.
We are committed to participating in policy debates around the world and will seek to continue this commitment at the local level through FTX Australia.
Sam Bankman-Fried, Source: press release
The special focus on regulatory authorities underlines that you don’t make the same mistakes as the competitor here. binance I want to do. The cryptocurrency giant is at odds with numerous financial regulators around the world. The accusation: unregulated trading in derivatives.
As part of broader financial reform, Australia is trying to create a comprehensive legal framework for crypto assets. Particularly sensational was an Australian senator’s bill to regulate so-called DAOs, with the senator emphasizing that this could replace traditional companies in the long run, we reported.
FTX in expansion fever
In terms of expansion, FTX seems to be in a hurry at the moment. In early March, the Bahamas-based trading platform announced that it would bundle its European activities under the umbrella of newly founded subsidiary FTX Europe. Then, on March 15, came the report that the Middle East would also be penetrated. Additionally, FTX had received its own license to establish and operate a virtual asset (VA) exchange, BTC-ECHO reported. Only a day after the announcement came the message that FTX was in cooperation with AZA Finance they want to open the African market. It is notable that FTX keeps the pace of expansion extremely high by setting up local branches on the one hand and increasingly seeking cooperation with local authorities on the other.
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