FTX to Move Its Headquarter and Key Operations to Bahamas

Fazzaco learned that crypto exchange FTX Trading Limited ("FTX" ) will move its headquarters to the Bahamas from Hong Kong, according to its CEO and founder Sam Bankman-Fried.

In addition, FTX's critical operations will move to the Bahamas over time. Still, the Hong Kong office remains active, and for the time being critical operations will remain there. The office will likely stay operational as the firm maintains a variety of offices worldwide.

The exchange's Bahamian subsidiary, FTX Digital Markets, registered as a digital assets business with the nation's securities regulator. Moreover, Ryan Salame, former Head of OTC at Alameda Research, will serve as CEO of the Bahamian arm. 

The decision was made as the Chinese government continues to crack down on crypto and FTX could face regulatory uncertainty in the future despite Hong Kong's previously favorable environment. The Bahamas, on the other hand, has a framework for crypto firms already in place. 

As Fazzaco reported earlier, FTX has inked a long-term partnership with the Mercedes-AMG Petronas Formula One Team​. The partnership will span multiple race seasons with the FTX logo being featured on the car, the team drivers, team's fleet of Mercedes-Benz trucks, in the garage, and on all Partner logo displays in the trackside hospitality and communications facilities.