Wednesday, October 5, 2022

FTX Announces New Australian Unit, Set to Provide Regulated Crypto Services

The continuous effort of the cryptocurrency exchange FTX to provide a clear operational framework for crypto business can not be overemphasized. Effectively, the trading platform has decided to expand its reach globally by creating a local company in Australia which will be known as FTX Australia as announced on Sunday by the exchange company. The commencement of the exchange’s new unit in Australia is yet to be disclosed.

The growth is coming shortly after the Bahamian-based cryptocurrency exchange launched FTX Access and FTX Europe thereby offering its services across Europe and the US. FTX Australia will have its headquarters in Sydney which happens to be the financial center of the country. The new company will act as the issuer of Over-The-Counter(OTC) derivatives not excluding options and futures contracts, leveraged tokens amongst several other functions.

CEO of FTX Samuel Bankman-Fried expressed in a statement how excited he is to bring FTX’s innovative products and services, on-demand creativity to the Australian marketplace. He further said that the establishment of FTX Australia should give all its customers confidence regarding trading on a licensed and authorized platform.

The world’s seventh-largest cryptocurrency exchange is built majorly for traders of advanced crypto instruments. It strives to develop a platform good enough for leading trading professionals and simplified for users coming in for the first time. It also offers innovative products like industry-first derivatives amongst many others. 

FTX Continues its Global Expansion

FTX started its expansion strategy in 2019 with the birth of FTX.US and ever since has not stopped. It has started offering its regulatory services and has gained licenses in some countries.

The new local unit is an important and growing market for FTX. Australia’s regulatory approach to cryptocurrency has been proactive over the years, although the country guards against fraud which is rampant in the nation’s crypto community.

FTX Global is on a mission to provide best-in-class on-demand, creative, technical, and design experts to help clients to be unique in the market. It’s also the firm’s intention to make sure that institutions who are seeking exposure in digital assets get secure, transparent, cost-effective execution and asset management services.

Binance, a major rival to FTX in pursuit of expansion, has also acquired a license in Bahrain to offer crypto services as reported by cryptomarketsbeat.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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