The news has spread that popular crypto derivatives trading platform FTX has relocated from Hong Kong to warm and sunny Nassau (capital of the Bahamas), which is more welcoming to crypto-related businesses than authorities in Hong Kong.

Colin Wu, a Chinese crypto journalist, broke the news.

Another important news is that FTX announced that its headquarters has moved from Hong Kong and moved to Nassau, the capital of the Bahamas, because its regulatory environment is more friendly than Hong Kong.— Wu Blockchain (@WuBlockchain) September 24, 2021

FTX establishes a legal presence in the Bahamas ahead of time.

On September 20, a press release stated that FTX Digital Markets, a subsidiary of FTX, had received registration from the local Securities and Exchange Commission. This potentially opens up a wide range of opportunities for crypto businesses and allows them, particularly crypto exchanges, to expand in a legalized manner.

Ryan Salame, the former chief of OTC at Alameda Research, has been appointed CEO of the FTX subsidiary.

China imposes yet another severe crypto-crime crackdown.

Two documents circulating within China’s central bank about a new crypto ban were made public earlier today. They sent the entire crypto market into a tailspin, causing Bitcoin to fall by 6% to $41,000 and Ethereum to fall to $2,790.

The Central Bank of China (PBOC) declared all cryptocurrency transactions illegal and prohibited their circulation in the market.

According to the documents, all crypto-related activities will be severely punished from now on. However, ownership of cryptocurrency assets is still legal in China.

According to Gabor Gurbacs, director of the digital assets department at major asset management firm VanEck, such a negative stance on cryptocurrency will force Chinese investors to relocate a large portion of their capital from Asia to Western countries.