FTX exchange launches its products and services in Australia

In the quest for global expansion, FTX exchange has launched a new subsidiary in Australia, a comprehensive suite of exchange, OTC based products and services, as well as derivatives, will be among the company’s new offerings in the country.
FTX launches its products and services in Australia
FTX exchange launches its products and services in Australia

FTX’s CEO and Founder, Sam Bankman-Fried, said in a  news: “We’re looking forward to bringing FTX’s cutting-edge products and services to the Australian market. With the launch of FTX Australia, all of our local clients will have the assurance of trading on a registered and licensed platform.

Significant resources have been devoted to proactively engaging with local regulators, just as they have done in other areas where we operate. We want to be a part of policy discussions throughout the world, and we’ll try to maintain the same degree of engagement here in Australia through FTX, we’re excited by the vital work being done to develop a new digital asset licensing regime.”

The introduction of a local presence in Australia by top cryptocurrency exchange FTX is a significant step forward in the company’s global expansion. The newly created company will offer a full suite of exchange and OTC-based goods and services, as well as derivatives.

FTX Australia will be headquartered in Sydney, Australia’s financial hub. “Really excited to debut FTX: Australia,” FTX’s CEO and creator, Sam Bankman-Fried, tweeted the announcement.

FTX expands to Europe

The expansion comes only weeks after FTX Europe was established to provide services in Europe and the Middle East via an undisclosed investment firm. The new European business has also been granted the first permission to operate a crypto exchange and trading house in Dubai.

The license will allow the exchange to test crypto derivatives for institutional investors. The license comes less than a week after Dubai announced the establishment of the Virtual Asset Regulatory Authority (VARA), which will regulate the cryptocurrency business.

FTX is pursuing competitor Binance, which recently obtained a license to operate in Bahrain, allowing it to grow its Middle Eastern presence. Binance is also rumoured to be in talks with the Dubai government to obtain a license.

FTX announced a partnership with AZA Finance, a Nairobi, Kenya-based fintech business that claims to be Africa’s first digital currency exchange, earlier this month.