FTX Expands Into Australia After Europe And UAE
Global crypto exchange FTX Trading on Monday announces its expansion into Australia with the establishment of FTX Australia, continuing its global expansion strategy. The crypto exchange will offer Australian investors its leading crypto products and services, including OTC-based services, derivatives, and exchange suite.
FTX Australia will have its head office in Sydney, providing the confidence of trading on a registered and licensed platform to local clients.
FTX Expands Into the Australian Market
Continuing its global expansion strategy, the crypto exchange obtains an Australian Financial Services Licence (AFSL) from the Australian Securities and Investments Commission (ASIC) to expand into the Australian marketplace.
Commenting on the Australian expansion, Sam Bankman-Fried, CEO & Founder of FTX, commented:
“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.”
Really excited to launch FTX: Australia!https://t.co/ZcBNEuyiG9https://t.co/jGumMSXMW3 https://t.co/rABSI5Y81O
— SBF (@SBF_FTX) March 20, 2022
Sam Bankman-Fried said to ensure significant resource allocation and engagement with local regulators through FTX Australia. Moreover, he seeks to continue engaging in policy discussions on a global level, as well as, locally.
“We are encouraged by the important work being undertaken to establish a new digital asset licensing regime.”
Australia is an important market for FTX, considering the reputation for adopting new technologies among Australians. The company sees the establishment of FTX Australia as their commitment to the local market and provide innovative crypto trading products and services.
The products and services specifically to be offered are futures contracts, options contracts, contract for difference (CFDs) based on crypto or digital assets, leveraged tokens, and other OTC products.
Furthermore, the crypto exchange is looking to expand its workforce including developers, operations personnel, and a marketing team, for the Australian division.
FTX global expansion strategy
FTX has been at the forefront of expanding its crypto-based products and services globally, with its recent entry into Europe and the United Arab Emirates.
On March 7, the crypto exchanges established the FTX Europe unit, headquartered in Switzerland and an additional office in Cyprus, committing its global expansion strategy.
Recently, the crypto exchange received a virtual-asset license from the Virtual Asset Regulatory Authority in Dubai, United Arab Emirates. The exchange also plans to establish a regional headquarters in Dubai.
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