FTX US files for trust charter in New York

Cryptocurrency exchange FTX US has applied for a fiduciary charter with the New York Department of Financial Services (NYDFS) to operate in the state.

In Wednesday’s announcement, FTX US said It has applied to New York’s financial services regulator to form a limited-purpose trust company in an effort to make its products and services available to local users. Pending regulatory review and approval, the licensed trust will be run by Fidelity Investments veteran Marissa MacDonald, who will serve as chief compliance officer.

Crypto companies seeking to operate in New York State have different paths to regulatory approval.One way is to apply for a trust charter such as Coinbase and BitGo is done Used to provide crypto hosting services. The other is to apply for a BitLicense, which has been available since 2015.

According to NYDFS, BitLicense is on purpose Give New York residents “a well-regulated way to access the virtual currency market.”However, New York City Mayor Eric Adams Criticism Initiative In April, it was claimed that requiring crypto companies to apply for a license made the state “less competitive.”

related: Jack in the Box claims in court that FTX US ripped off its character to create ‘Moon Man’

Cointelegraph reported in January that FTX US Valuation reaches $8 billion After a $400 million funding round. FTX’s global exchange then raised $400 million later that month, Raise valuation to $32 billion.