FTX US spot crypto exchange is coming out of the beta phase and launching next month. The famous crypto derivatives exchange FTX has announced the launch of its spot exchange in the United States. The entry of FTX in the U.S. was awaited after the exchange tasted success in the Asian crypto derivatives market.
Chief executive officer of FTX, San Bankman-Fried, said that the exchange is planning to enter the U.S. crypto derivatives market with a dedicated spot exchange. The platform is currently under development and in the beta phase. FTX is planning to go live in early May and offer spot exchange services to its U.S. customers.
FTX US spot crypto exchange currently securing licenses
FTX has been busy securing all the licenses and meeting statutory guidelines to set up shop in the U.S. It has completed registration with the Financial Crimes Enforcement Network (FinCen) under the ‘Money Services Business’ category. Furthermore, the exchange is working to ensure that it secures state-level money transmitter licenses (MTL) to operate safely in various states.
The U.S. regulations require that companies acquire both MSB and MTL to operate in the financial services realm. In case FTX wants to expand to the New York state, it would have to get a BitLicense for its FTX US spot crypto exchange.
FTX riding high on crypto derivatives
The order book of the proposed FTX US spot crypto exchange will be different from the primary FTX derivatives platform. At present, there are six trading pairs available for trading on the platform, and these include Bitcoin, Ethereum, Litecoin, Tether, Bitcoin Cash, and PAXG. The FTX US spot crypto exchange will bring in more pairs after the initial launch and even add more fiat options to attract customers. Margin trading facilities will also be on offer for qualified users.
FTX started its operations in May 2019 and soon made a mark for itself in the crypto derivatives sector. Currently, its trading volume stands at approximately $728 million per day. The primary operations base lies in the the Asian region and its main team is located in Hong Kong. In February, an equity token was launched by the exchange. Interestingly, Binance has made an investment in the FTX exchange.