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FTX Trading Limited, the leading global cryptocurrency exchange, recently announced the establishment of FTX Australia Pty Ltd, marking an important chapter in FTX’s continued global expansion.
FTX Australia will offer a comprehensive suite of exchange and over-the-counter (OTC) products, services, and derivatives.
FTX’s CEO and Founder, Sam Bankman-Fried, commented on the news, saying, “We’re thrilled to bring FTX’s cutting-edge products and services to the Australian market. The establishment of FTX Australia should give all of our local clients the assurance that they are trading on a registered and licensed platform.
As in other jurisdictions where we operate, significant resources have been allocated to engage with local regulators proactively.
We intend to participate in global policy discussions. We will seek to maintain this level of engagement locally through FTX Australia. We are encouraged by the important work to establish a new digital asset licensing regime.”
At the end of last year, the Australian government announced its intention to establish a “world-leading” regulatory framework to bring cryptocurrency “out of the shadows.”
To provide users with protection, firms that buy and sell cryptocurrency will need to be licensed, according to Treasurer Josh Frydenberg. The government is developing a licensing scheme for exchanges.
The Australian government is also seeking feedback from the crypto industry on regulation through the Digital Services Act.
Australia is a well-known financial center in the Asia-Pacific region and a significant and growing market for FTX.
Australians have a long history of adopting new technologies, particularly financial services. The establishment of FTX Australia demonstrates FTX’s long-term commitment to the local market and is the logical next step in FTX’s global expansion.
FTX Australia will be headquartered in Sydney, Australia’s financial capital. The company has an Australian Financial Services Licence and is the issuer of OTC derivatives such as options contracts, futures contracts, contract for difference (CFDs) with underlying digital/crypto assets, and leveraged tokens.
By Abraham Aroloye
