Business

FTX owner thinks more big crypto firms headed to Bahamas

FTX owner and cryptocurrency mogul Sam Bankman-Fried thinks more crypto companies could flee the US and head for The Bahamas.

Bankman-Fried said the exodus could be coming if the US fails to build out a regulatory regime for digital currency.

FTX, the world’s third largest cryptocurrency exchange, recently opened a headquarters in the The Bahamas, then raised $420 million in series B funding, pushing the company to a $25 billion valuation.

Bankman-Fried thinks more of these firms could be looking to put The Bahamas on the map as ground zero for crypto firms.

“Bankman-Fried believes a lot of these moves will end in The Bahamas, which is seeking to become the Dubai of crypto, by offering legal operating licenses,” according to an article in Yahoo Finance.

FTX is The Bahamas’ first company registered with the Securities Commission of The Bahamas (SCB) as a digital asset exchange under the Digital Asset Registered Exchanges legislation, also known as the DARE Act.

Bankman-Fried told Guardian Business last month that he chose to bring FTX to The Bahamas because of the country’s strong regulatory framework in the digital assets space.

“We’ve been really impressed by the regulators and by the government here,” Bankman-Fried said.

“They passed the DARE Act and it provided one of the first comprehensive regulatory frameworks for cryptocurrencies in the world and they’ve been a pleasure to work with.

“They’ve been constructive, they’ve been thorough, they have been fast and they’ve given helpful feedback… really pleasant and forward-thinking.

“It’s all we’ve asked for in a regulatory partner. We’re really excited to be the first recipient of a digital asset exchange registration with the Securities Commission of The Bahamas and this is also just a place that a number of our employees have just enjoyed being.”

FTX is a global cryptocurrency exchange founded in spring 2019, that has built out a sophisticated suite of trading and investing tools for users on its platform.

According to Bankman-Fried, FTX is the fastest growing exchange in the cryptocurrency industry.

He said the company has hired five to 10 Bahamians and expects to hire many more as the company grows.

He revealed that he and his executives are expected to review plans for a campus to be built some time in the near future and for more of FTX’s employees to come to The Bahamas to continue building the business.

Bankman-Fried said the establishment of cryptocurrency in The Bahamas could help re-establish The Bahamas’ financial services industry on the global stage, while also improving the way Bahamians manage money locally.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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