The crypto-derivatives exchange FTX officially moved its headquarters from its previous Hong Kong location to the Bahamas.
The change of headquarters location follows an announcement on Monday of the company’s Bahamian subsidiary. Earlier this week FTX Trading Ltd. filed registration with the Securities Commission of the Bahamas as a digital assets firm. Along with the registration news, the company named Ryan Salame the CEO of FTX Digital Markets. Salame formerly served as the head of over-the-counter at Alameda Research.
As global lawmakers mull over regulations for the crypto industry, FTX chose the Bahamas because of its already implemented stance. According to comments from FTX founder Sam Bankman-Fried the regulatory bodies of the Bahamas have a proactive stance on cryptocurrencies. This is a major reason for the switch.