Popular crypto derivatives exchange FTX is now planning to shift its operations from Hong Kong to the Bahamas, founder and CEO Sam Bankman-Fried tweeted on the 24th.
The announcement came after FTX subsidiary, FTX Digital Markets, received a license from regulators to operate in Gibraltar and the Bahamas.
An FTX spokesperson confirmed the news to news outlet Coindesk and said:
“FTX is committed to maintaining a close working relationship with local regulators to help promote the growth of crypto and is furthering its commitment to providing all our clients with a safe, trustworthy and compliant exchange.
As jurisdictions, like the Bahamas, roll out comprehensive crypto regulatory regimes, we are excited to take part by establishing a local presence.”
While Hong Kong previously had a favorable environment for cryptocurrencies, an increasing crypto crackdown in China might result in an unfavorable outcome for FTX.