FTX US

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FTX
FTX US.jpeg
Founded 2020
Headquarters San Francisco, California
Key People Sam Bankman-Fried, Founder and CEO; Gary Want, CTO and Founder; Dan Friedberg, CCO
Products Cryptocurrency trading platform
Twitter @FTX_US
Website FTX.US Exchange Home

FTX US, a cryptocurrency trading platform, is the U.S.-based subsidiary of FTX, a Hong Kong cryptocurrency derivatives platform registered in Antigua. FTX US is regulated by the U.S. Commodity Futures Trading Commission.

The company established West Realm Shires to do business as FTX.US. West Realm Shires is a money services business registrant with FinCEN.[1]

Trading launched on the platform on May 22, 2020. FTX and FTX.US CEO Sam Bankman-Fried told The Block Crypto, “I think U.S. crypto customers have been under-served for a while, and I'm excited to try to push the industry forward.”[2]

FTX US offers trading pairs based on bitcoin, Litecoin, Ether, Bitcoin Cash, Paxos Gold and U.S. dollar Tether. According to the FTX.US website, the platform offers 10% margins on its spot trades. Despite having separate order books from its parent, FTX.US claims, "We have a history of providing market-leading liquidity--from some of the industry's top market makers to the most liquid futures order books. Because of this FTX.US has had industry-leading order-books from day one."[3]

In discussing its recent Series B fund raise that brought in $900 million, on July 22, 2021 FTX's American CEO, Bankman-Fried, told CoinDesk TV's audience, "When you look at FTX.US, there's an enormous amount of potential growth in the states."[4]

In August 2021 FTX.US agreed to acquire LedgerX for an undisclosed sum. The move should enable FTX.US to expand its product offerings to futures and options trading in the U.S. [5]

In April 2022 FTX US agreed to take a stake in IEX Group Inc., the owner of the stock exchange made famous by the book “Flash Boys.” The companies said they plan to collaborate on building a market structure for trading crypto securities and work closely with regulators. The deal is set to close in May 2022.[6]

On May 11, 2022 FTX US revealed its application for a trust charter from the New York State Department of Financial Services for the FTX Trust Company by appointing Marissa MacDonald as chief compliance officer for the FTX Trust Company. MacDonald previously held an equivalent position at Fidelity Digital Assets.[7] [8]

In August 2022, FTX US received a cease-and-desist letter from the Federal Deposit Insurance Corp. regarding “false or misleading statements” about certain products being eligible for insurance protection. The statements included a now-deleted tweet by then-FTX US President Brett Harrison. At the time, Harrison was quoted in the press as saying, “We really didn’t mean to mislead anyone, and we didn’t suggest that FTX US itself, or that crypto/non-fiat assets, benefit from FDIC insurance."[9]

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