FTX, which is considered one of the fastest-growing crypto exchanges, has opened an office in Australia and obtained an Australian Financial Services License (AFSL). The exchange is now set to start allowing Australian investors to start trading using its platform as early as this week.
Commenting on the new expansion, the CEO and Founder of FTX, Sam Bankman-Fried, said:
"We're excited to bring FTX's innovative products and services to the Australian marketplace. The establishment of FTX Australia should provide all our local clients with the confidence of trading on a registered and licensed platform. As in other jurisdictions within which we operate, significant resources have been allocated to proactively engage with local regulators."
The development comes as the FTX founder Sam Bankman-Fried goes on a global spending spree as he tries to take advantage of the steady institutional interest in cryptocurrencies across the world.
Sam Bankman-Fried, who is one of the most-watched leaders within the crypto sector, said that FTX is working to get a team for the Australian branch that shall support the issuance of over-the-counter derivatives like futures, options, leveraged tokens, and contracts for difference (DFDs).
In an interview with The Australian Financial Review, Mr Bankman-Fried said:
“While we have a small team in Australia at the moment, we are looking to roughly double the size of our current staff as we look to hire developers, operations personnel, and marketing team members.”
Push for crypto regulation in Australia
Australia, just like many countries around the world, is tirelessly working to set in place regulations to govern the crypto sector which is on exponential growth.
The FTX had to open an office in Australia and get an Australian Financial Services Licence (AFSL) to allow it to offer its services to Australians
Earlier today, while opening the Australia Blockchain Week Conference, Australian Senator Andrew Bragg ad made a legislative proposal calling for reforms in “crypto market licensing, custody, decentralized autonomous organizations (DAOs), debunking, and taxes” to create a conducive environment for a new Digital Asset ecosystem.
— Senator Andrew Bragg (@ajamesbragg) March 20, 2022