14.04.2024

FTX might relocate headquarters to the U.S. after SEC registration

FTX might relocate its head office from The Bahamas to the United States after registering with the regulative companies in the US.

Sam Bankman-Fried, the CEO of FTX, revealed that the cryptocurrency exchange might relocate its headquarters to the United States after signing up with the United States Securities and also Exchange Commision (SEC).

He stated this throughout an interview at the DC Fintech Week meeting Tuesday. Bankman-Fried claimed as long as three-quarters of FTX staff might be based in the United States. He said;

There are definitely things that could move us from [having] one-quarter to three-quarters of our employees in the United States, rather than abroad.”

The FTX employer added that the cryptocurrency exchange is collaborating with regulators and policymakers in the United States, consisting of the Commodity Futures Trading Commission (CFTC) and also the Securities and Exchange Commission to end up being a registered protections as well as derivatives exchange. He claimed;

I believe if we & re able to get that, we & d be in a setting where we would really feel much more confident, charging onward, you understand, as a U.S.-based firm.”

Bankman-Fried & s comment follows SEC Chairman Gary Gensler said that registering cryptocurrency exchanges and subjecting them to even more oversight is a major priority for the regulatory agency.

According to Gensler, the SEC will certainly require to roll out new procedures for registering cryptocurrency exchanges since they likewise use custodial as well as broker-dealer solutions, unlike the traditional securities market exchanges.

He included that cryptocurrency exchanges enable the trading of product symbols like Bitcoin. Thus, the process for registering them will be various.

Bankman-Fried s FTX has been among the greatest spenders in the present bear market. Last month, FTX won a proposal to obtain Voyager Digital s properties in a deal worth around $1.4 billion.

FTX is likewise thinking about acquiring another cryptocurrency firm, Celsius. Bankman-Fried exposed a couple of weeks ago that the cryptocurrency exchange still has $1 billion to spend on procurements.

He lamented that the models released by some cryptocurrency companies were not lasting over time. Bankman-Fried included that for the market to move on, some modifications would have to be implemented.

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