Cryptocurrency exchange FTX, founded by crypto billionaire Sam Bankman-Fried, moved its headquarters to the Bahamas in late 2021.
FTX, one of the world's largest cryptocurrency exchanges by trading volume, has officially announced that its main facilities will be relocated from Hong Kong, where its official headquarters were originally located, to the Bahamas, a Caribbean country that is gaining a presence in the cryptocurrency industry.
The move, reported by Bloomberg Crypto in September, sought favor from regulators, who have focused much more attention on the growing crypto industry over the past year.
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According to Sam Bankman-Fried, founder of the exchange and known in the industry as “SBF,” the Bahamas has a clearer and friendlier stance towards the crypto industry compared to other jurisdictions.
In Hong Kong, following the ban imposed by the Chinese government on cryptocurrencies, regulators analyzed a possible restriction on operations with crypto assets, although at the end of January this year, they published a series of measures that virtual asset service providers (VASPs) must comply with in order to legally operate in the administrative region.
The Hong Kong Monetary Authority has acknowledged the potential of cryptocurrencies, but has also noted that stricter measures are needed to mitigate risks and ensure the safety of investors involved in the industry.
Thus, in the face of regulatory uncertainty, FTX made the decision to move to what is arguably the main cryptocurrency hub in the Caribbean.
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