FTX might transfer its headquarters from The Bahamas to the US after registering with the regulatory businesses within the US.
Sam Bankman-Fried, the CEO of FTX, revealed that the cryptocurrency change might transfer its headquarters to the US after registering with the US Securities and Change Commision (SEC).
He talked about this throughout an interview on the DC Fintech Week convention Tuesday. Bankman-Fried mentioned as a lot as three-quarters of FTX employees might be based mostly in the US. He mentioned;
“There are completely issues that might transfer us from [having] one-quarter to three-quarters of our personnel in the US, quite than overseas.”
The FTX boss added that the cryptocurrency change is working with regulators and policymakers in the US, together with the Commodity Futures Buying and selling Fee (CFTC) and the Securities and Change Fee to change into a registered securities and derivatives change. He mentioned;
“I believe if we’re capable of get that, we’d be ready the place we’d really feel way more assured, charging ahead, you recognize, as a U.S.-based firm.”
Bankman-Fried’s remark comes after SEC Chairman Gary Gensler mentioned that registering cryptocurrency exchanges and subjecting them to extra oversight is a significant precedence for the regulatory company.
Based on Gensler, the SEC might want to roll out new procedures for registering cryptocurrency exchanges since additionally they supply custodial and broker-dealer companies, in contrast to the standard inventory market exchanges.
He added that cryptocurrency exchanges allow the buying and selling of commodity tokens like Bitcoin. Therefore, the method for registering them will likely be completely different.
Bankman-Fried’s FTX has been one of many largest spenders within the present bear market. Final month, FTX gained a bid to accumulate Voyager Digital’s belongings in a deal price round $1.4 billion.
FTX can also be contemplating buying one other cryptocurrency firm, Celsius. Bankman-Fried revealed just a few weeks in the past that the cryptocurrency change nonetheless has $1 billion to spend on acquisitions.
He lamented that the fashions deployed by some cryptocurrency firms weren’t sustainable in the long term. Bankman-Fried added that for the business to maneuver ahead, some adjustments must be carried out.