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FTX exchange expands operation by launching Australian unit

The exchange completed an acquisition to gain the required regulatory license to launch in Australia
FTX Australia will offer locals derivatives and other market-leading products

Sam Bankman-Fried led crypto exchange FTX has revealed that it’s launching a new service for its customers in Australia. The leading global exchange announced the creation of FTX Australia in a statement published yesterday.

The exchange said that Australian consumers will get exposure to market-leading products and services, including derivatives and a collection of exchange and over-the-counter products.

CEO Sam Bankman-Fried was keen to point out that the launch of the subsidiary would allow users to conduct their activity on a locally regulated and licensed platform. Though Australians have previously been accessing the global FTX version, gaining an Australian Financial Services Licence (AFSL) via an acquisition meant that the exchange could set up shop in the country.

“This is something that has been in the works for a number of months, and it’s been a really high priority for us as a company,” he said during a virtual address at the ongoing Australian Blockchain Week 2022.

The push for regulation

The 30-year-old US-based investor also insisted on the need to work with regulators and policymakers to progress the industry. This would be especially important as his exchange wants to better serve the “ton of demand” it has been seeing from a country that could potentially become a crypto hub of the APAC region.

“As in other jurisdictions within which we operate, significant resources have been allocated to proactively engage with local regulators. We look to be a participant in policy discussions globally and will seek to continue this same level engagement locally through FTX Australia, and we are encouraged by the important work being undertaken to establish a new digital asset licensing regime,” he said in the statement.

The FTX CEO also said that his firm is available and willing to collaborate with the Australian government to help establish a robust regulatory core that would eventually enable Australia to become a global crypto hub.

We’d love to work with regulators and lawmakers on understanding the crypto ecosystem and build out regulatory frameworks for analysing them, and doing everything we can to bring a robust, healthy crypto ecosystem to Australia, but also where consumers are protected,” he told the conference.

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