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Crypto exchange FTX expands its services to Australia

Updated: Jul 25, 2024
Published: Mar 21, 2022
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The CEO of FTX, Sam Bankman-Fried, announced that his company has officially opened FTX Australia. This seems to be the latest step in the crypto exchange's global expansion.

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FTX announces Australian expansion

The establishment of a domestic foothold follows FTX's acquisition of an unnamed company that previously held an Australian financial services license. Based in Sydney, FTX Australia will act as an issuer of options contracts, futures contracts, contracts for difference and leveraged tokens.

Last week, the exchange received a license to operate in the United Arab Emirates following the enactment of a virtual asset regulation law there that also established a regulator to oversee the sector. In early March, FTX said it was also looking to operate in Europe, having received approval from financial regulators in Cyprus.

Is Australia becoming a crypto hub?

The announcement coincided with the Australian government's efforts to refine its crypto strategy and introduce "badges of approval" for exchanges as the country looks to market itself as a crypto hub. The federal minister for financial services and the digital economy, Senator Jane Hume, said the country is "open for business" when it comes to cryptocurrencies. The comments echoed those of her colleague, Senator Andrew Bragg, who opened the conference by proposing a Digital Services Act (DSA) to reform the licensing of the crypto market,

Hume compared cryptocurrencies to the Internet boom in the late 1990s, saying that the digital asset economy could add around 2.6% to Australia's GDP by 2030 and create about 200,000 new jobs. She warned that Australia could "miss the boat" if the wrong regulatory framework is applied.

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