FTX, one of the world's largest cryptocurrency exchanges, continues expanding operations by inking major regulatory approval in The Bahamas.

The Securities Commission of The Bahamas has registered FTX Digital Markets, the Bahamian subsidiary of the global FTX crypto substitution, as an official digital asset business, the firm announced Sept. xx.

The regulatory approving is granted nether the Digital Asset Registered Bill of The Bahamas, the country'southward new digital asset-related legislation that came into strength in late 2022. Likewise known every bit the DARE Act, the legislation establishes a comprehensive regulatory framework for digital asset operations in The Commonwealth of the bahamas, regulating and supervising virtual asset service providers.

The regulatory approval volition help FTX establish a "substantial presence" in The Bahamas as the substitution continues to expand its global presence. Ryan Salame, onetime caput of over-the-counter trading at Alameda Research, has already joined FTX Digital Markets as CEO, and will be responsible for managing FTX's local initiatives.

"The relationship we have fostered with local regulators culminating with us being authorized nether the framework offered through the DARE Deed, gives me conviction that nosotros'll be able to work closely with regulators to brand sure our offerings are compliant in multiple jurisdictions," Salame said.

FTX did not specify what crypto services information technology's planning to gyre out in The Bahamas equally part of its new expansion. Cointelegraph reached out to FTX and will update the story pending new information.

Related: Crypto exchange FTX launches NFT market for United states of america-based customers

FTX is one of the largest crypto exchanges in the world, operating more than than $3.5 billion in daily trading volumes at the fourth dimension of writing, according to data from CoinMarketCap. The company has been actively expanding its operations and acquiring major industry players afterwards endmost a $900 one thousand thousand funding circular in July. In late August, the visitor announced the acquisition of LedgerX, a licensed options and futures trading platform in the United states.