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FTX.US Applies For Trust Charter In New York
FTX.US has applied with the New York Department of Financial Services (NYDFS) for a trust charter, the firm announced Wednesday.
Kabir V.
8:07 11th May, 2022
Adoption

The crypto exchange, the American affiliate of FTX, seems to be inching closer to opening up its services to New York residents. As it waits for approval from regulators, FTX.US has also started gearing up for the possible launch of a New York State limited purpose trust company.

Just this Wednesday, FTX.US announced it was hiring, Marissa MacDonald, former chief compliance officer at Fidelity Digital Assets, to serve in the same position at the firm's "to-be formed" New York company.

"Marissa has spent her career leading and building best-in-class compliance programs while working alongside regulators," said FTX US president Brett Harrison. "Her experience working in both traditional financial services and digital assets will make her invaluable to our efforts."

McDonald spent 14 years at Fidelity Investments, having previously worked for Ernst & Young.

"The FTX team's continued commitment to being proactive when it comes to both compliance and establishing clear regulatory frameworks is exciting and I'm looking forward to leveraging my expertise to help them achieve their ambitious goals," MacDonald said in a statement from FTX US.

Per the Department of Financial Services, a limited purpose trust company is an institution that is chartered under the bank and trust company provisions of the New York banking law but without the power to take deposits or make loans.

Mostly its been a resource for "out-of-state or foreign banking organizations desiring an expanded New York presence, and insurance and securities companies seeking to complement activities by conducting various trust businesses through subsidiaries," per the department's website.

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