FTX Set to Launch US Spot Exchange, Gaining Licenses from States

FTX, a Binance-backed derivatives Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, is planning to enter the United States market offering sport cryptocurrency trading.

First reported by The Block, the crypto exchange is already testing its new United States-based services in beta phase and is targeting to fully launch it in May.

FTX is currently in the process of gaining the mandatory licenses from the US authorities for its operation in the country. According to its website, the US entity is already registered as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) and is currently in the process of gaining money transmitter licenses (MTL) from several states.

“West Realm Shires Services Inc. ("FTX.US") is generally regulated on both the Federal and State level and the primary regulatory compliance Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term are within the United States,” the exchange stated.

“FTX.US is required to comply with many financial services and consumer protection laws. On the Federal level, the primary concern is anti-money laundering controls, and proper implementation of FTX.US's policies and procedures to deter such activity.”

From Asia to the US

Launched last year, FTX has become one of the well-known crypto derivatives exchanges with its perpetual contracts. It also raised $8 million last year and is backed by giants like Binance, Consensus Lab, and Proof-of-Capital.

FTX will keep its US operations independent and will maintain separate order books for the US and the primary derivatives business.

FTX.US is now testing its trading services with six major digital currencies - BTC, BCH, ETH, LTC, PAXG, and USDT - against the US dollar. However, before the official launch, it has plans to add more digital currencies and fiat on-ramp options.

Meanwhile, FTX has recently introduced oil futures trading, following the crash in the West Texas Intermediate (WTI) prices.