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SBF-led FTX Opens Its New Branch In Australia


Sam Bankman-Fried, CEO of Bahamas-based crypto exchange FTX announced the launch of its services in Austalia in the opening keynote at this year’s Blockchain Week, held at the headquarters of the Australian Securities Exchange [ASX]. 

The latest move, according to Bankman-Fried, is part of a larger effort to penetrate as many countries as possible. Stating that the world is “very much” looking for a major crypto hub in the APAC, he noted that other locations in the region “haven’t played out as expected”. “I think that has really left an opening for someplace to kind of grab that and service that region,” he added.

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The recent development comes amidst the Australian gov preparing to roll out cryptocurrency regulation. As per sources, the administration is planning to release three crucial documents by EOD aimed at reforming the crypto industry.

They would include suggestions for a new taxation structure for cryptocurrencies, rules to ensure investor protections against unscrupulous sellers, and regulations for regulating digital banks, crypto exchanges, and brokers, the article read.

Senator Andrew Bragg in a speech stated, “A new Digital Services Act would protect consumers but also “wholeheartedly and comprehensively” grasp an opportunity for Australia and “signal that we fully appreciate the promise and potential of blockchain technology”.

FTX expansion spree in Africa

Recently, the world’s largest crypto exchange by volume announced a partnership with Africa’s leading cross-border payment solutions AZA Finance. According to the press release, the collaboration intends to “expand the adoption of Web3 and digital currencies throughout Africa.” This also encompasses non-fungible tokens [NFTs].

statement released by AZA Finance said the two firms will work to “create pathways for African users to participate and learn about the Web3 economy including educational resources & networking opportunities.”

The P.R added that the two firms are also hoping to “Make it easier than ever to deposit and payout in African currencies on FTX.com, including mobile money and local bank account integrations.”

In addition to building the Web3 infrastructure, the two companies will work to “onboard African NFTs and artists onto the FTX NFT marketplace.” They will also launch African currency and digital currency trading pairs, the release read.

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