FTX Embarks Into Australian Crypto Market

Following the acquisition of a key financial license in Australia, prominent cryptocurrency exchange FTX has officially opened its doors, as reported by local media. The company’s CEO Sam Bankman-Fried announced its formal debut of FTX Australia during a virtual talk to a gathering assembled for the country ‘s yearly Blockchain Week.

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Sam Bankman-Fried, CEO of FTX

Following the acquisition of an undisclosed company that formerly held an Australian Financial Services Licence, the crypto exchange has established a local presence. Other big exchanges, such as Binance and Kraken, had previously created a local presence in the last two years, and this decision seems to be in line with them.

Australians have had access to the exchange’s global basis for a while, but FTX is seeking to be in the foreground of the regulatory curve by satisfying policymakers and engaging with authorities ahead of time. In addition, Bankman-Fried said,

“We’d love to work with regulators and lawmakers on understanding the crypto ecosystem and build out regulatory frameworks for analyzing them.”

He went on to say that the firm was doing everything it could to help build a strong, healthy ecosystem in the country that prioritized consumer protection. According to a statement released on Sunday, the domestic exchange would offer most of its parent company’s bells and whistles while offering its goods in the crypto derivative and spot markets. It has also been announced that options contracts, futures contracts, contracts for difference, and leveraged tokens will be issued by FTX Australia, which will be based in Sydney.

Australia serves FTX as regional hub

When asked why he thought Australia was a significant territory that global exchanges should pay attention to, the 30-year-old CEO said the country had a huge chance to advance the rest of the continent through innovation.

According to the exchange, the establishment of an Australian subsidiary highlights the firm’s long-term commitment to the local market and is the inevitable next stage in its global expansion.

Furthermore, the exchange was awarded a licence to operate in the United Arab Emirates this week, following the passage of the UAE’s Virtual Asset Regulation Law, which also established a watchdog to oversee the nascent industry.

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