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FTX Begins Its Services in Australia, Eyes Global Expansion

Posted on by admin
02
Jun
  • FTX begins its services in Australia.
  • In March, the exchange began a new division for Australia.
  • The expansion follows Australia’s intention to form a crypto framework.

FTX finally lands in Australia and begins its operations. The beginning of FTX in Australia sets a path for the exchange’s global expansion. The initial decision to launch operations in Australia was on March 20, 2022, with the exchange announcing the same.

The exchange is set to provide several leading services and products, including derivatives, exchange, and OTC-based services and products. And Australians can avail the services of one of the largest crypto exchanges globally.

Sam Bankman, CEO of FTX, commented on the expansion to Australia:

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.

FTX Australia’s headquarters will be in Sydney. Australia is quite open to cryptocurrency trading, and it is legal in the country. Cryptocurrency is not yet a legal tender in the country, but it is considered property under Australian law.

As per the reports from Statista, at least one out of five people in the country owns some type of cryptocurrency. Out of the total population, more than 18.4% of the population hold crypto in the country. The numbers will rise as global crypto adoption is on the rise.

Regarding ranking by market share, FTX stole the second spot from Coinbase in May. The market share of FTX stood at 10.8%, while that of Coinbase’s dropped to 9.6%. FTX’s expansion in Australia was followed by the exchange launching its services in the European Economic Area. FTX is helping take crypto to a broader audience.

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