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FTX Forms New Unit To Offer Regulated Crypto Products In Australia
The local unit is holding an Australian Financial Services Licence. The starting date of its local services is not known yet.
Himanshu S.
8:35 21st Mar, 2022
Policy

Global  cryptocurrency exchange , FTX strengthened its services in the Australian market with the establishment of a local unit, called FTX Australia Pty Ltd or simply FTX Australia.

Announced on Sunday, the company under the local Aussie unit will provide a comprehensive suite of exchange and OTC-based products and services, along with derivatives products.

“We're excited to bring FTX's innovative products and services to the Australian marketplace,” said FTX’s Founder and CEO, Sam Bankman-Fried.

FTX Australia is also registered and licensed by the Australian Securities & Investments Commission ( ASIC ), the financial market supervisor in the country. The company is headquartered in Sydney and is operating as an issuer of the OTC derivatives, including options contract, futures contract, contract for difference (CFDs) with the underlying digital/crypto assets, and leveraged tokens.

“The establishment of FTX Australia should provide all our local clients with the confidence of trading on a registered and licensed platform,” Bankman-Fried added.

The establishment of the local Australian unit came as the exchange is focused on expanding its global presence, especially the local licensed ones. It is already offering regulated services in the United States and also obtained two licenses this year, one in Cyprus and another in Dubai.

Bankman-Fried continued: “As in other jurisdictions within which we operate, significant resources have been allocated to proactively engage with local regulators. We look to be a participant in policy discussions globally, and will seek to continue this same level engagement locally through FTX Australia, and we are encouraged by the important work being undertaken to establish a new digital asset licensing regime.”

Binance, which is one of the major competitors of FTX on a global scale, is hoarding up regulatory approvals. The exchange operated without a license in most of the markets for years but now has gained Dubai and Baharain licenses in the same week.

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