September 26, 2023

FTX, a worldwide crypto exchange, expanded its market into Australia by establishing a local subsidiary called FTX Australia. The project, which was unveiled on Sunday, will feature a comprehensive array of trade and OTC-based goods and services and derivatives commodities.

FTX Receives License From ASIC 

“We’re pleased to deliver FTX’s unique goods and operations to Australia’s crypto market,” said Sam Bankman-Fried, Founder and CEO of FTX.

Furthermore, FTX Australia has been licensed and registered by ASIC (Australian Securities and Investments Commission), the country’s financial market regulator. The firm, located in Sydney, operates by issuing OTC derivatives such as futures contracts, options contracts, contract for differences (CFDs), digital assets, and all kinds of tokens.

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“The launch of FTX Australia will give all of our local customers the assurance that they are operating on a recognized and licensed market,” Bankman-Fried added. This will ensure that investors feel safe when buying and selling digital assets on the platform.

Global Expansion

As cryptocurrency becomes a major topic due to recent events, several exchange firms are cashing in on the opportunity to improve their customer base by offering additional services and diversifying into different countries.

The development of the regional crypto unit in Australia is in line with the exchange’s aim of increasing its worldwide footprint, particularly through local licensed units. It already provides regulated cryptocurrency services in America and this year got two licenses, one in Dubai and one in Cyprus. 

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The new regulatory order in most countries states that crypto exchanges must be registered before they can be allowed to operate in the country. Exchange firms that fail to obtain a license from a country’s regulatory body either get sanctioned or have their business short down.

“Like in other areas where we operate, considerable investments have been devoted to effectively cooperating with regulatory agencies,” Bankman-Fried noted. We want to participate in global policy talks, and we will aim to maintain the same degree of [local] participation under FTX Australia too. The company is pleased with the vital work to develop a new virtual currency licensing system.”

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Binance, one of FTX’s most important global competitors, is stockpiling regulatory permits in different parts of the world. For years, the crypto exchange has functioned without having a license in major markets, but it has finally obtained permits in Baharain and Dubai in one week. Binance and FTX are not the only crypto firms expanding to other countries, as has also joined the race.

After gaining permits in the US, Dubai, Cyprus and Australia, FTX will seek expansion into other global markets to increase its customer base.

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