Sam Bankman-Fried’s FTX moves HQ to Bahamas amidst crypto crackdown in China

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. 1) We're really excited to be setting up @FTX_Official's headquarters in The Bahamas!a) The Bahamas is one of the few places to set up a comprehensive framework for crypto; FTX is registeredb) The Bahamas has emerged from COVID lively, safe, and without quarantine— SBF (@SBF_FTX) September 24, 2021 FTX, which is the second-largest crypto derivatives exchange by 24-hour open interest, according to CoinGecko, has been headquartered in Hong Kong, China, since 2019. However, the exchange has successfully been registered by the Securities Commission of the Bahamas as a digital assets business. In a statement, Natalie Tien, FTX spokeswoman, also confirmed that the exchange’s Bahamian subsidiary, FTX Digital ...