Sam Bankman-Fried’s FTX moves HQ to Bahamas


TL;DR Breakdown

  • FTX moves HQ to Bahamas.
  • Chinese central bank says crypto is a ‘huge challenge’.

Sam Bankman-Fried, FTX digital exchange has announced its decision to move its headquarters and all other important operation from current base in Hong Kong, China, to the Bahamas.

The decision to change its head office is due to the People’s Bank of China (PBoC) move to declare all cryptocurrency-related transactions illegal, among several other reasons.

Sam Bankman-Fried, founder and CEO of FTX, announced the move via a post from his official Twitter handle. According to him, the crypto derivatives exchange chose the Bahamas because of its proactive stance and supportive regulatory agencies towards digital currencies.