The launch of a local presence in Australia by top cryptocurrency exchange FTX marks an important milestone in the company’s global expansion. Among the products and services offered by the newly formed company will be a full suite of exchange and OTC-based products and services, as well as derivatives.
Similarly, the FTX Australia unit will be headquartered in Sydney, Australia’s financial centre. Sam Bankman-Fried, CEO and Founder, tweeted the announcement:
The expansion comes just a few weeks after FTX Europe was created to provide its services throughout Europe and the Middle East through an unnamed investment firm. The new European division is also the first in Dubai to be awarded a license to operate a cryptocurrency exchange and trading house.
The exchange will be able to test crypto derivatives for institutional investors thanks to the license. The license comes less than a week after Dubai announced the formation of the Virtual Asset Regulatory Authority (VARA), which would oversee the cryptocurrency industry.
FTX is after competitor Binance, which recently obtained a license to operate in Bahrain, letting it expand its Middle Eastern foothold. Binance is also thought to be in negotiations to obtain a license in Dubai. This month, they entered the African market by partnering with AZA Finance, a Nairobi, Kenya-based fintech startup that claims to be the continent’s first digital currency exchange.
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