FTX arrives in Australia and begins operations. The launch of FTX in Australia pave the way for the exchange’s global development. The exchange announced the initial decision to commence operations in Australia on March 20, 2022.
The exchange will offer a variety of cutting-edge services and goods, including derivatives, exchange, and OTC-based services and products. Australians can also use one of the world’s major cryptocurrency exchanges.
FTX CEO Sam Bankman commented on the expansion to Australia:
We’re excited to bring FTX’s innovative products and services to the Australian marketplace. The establishment of FTX Australia should provide all our local clients with the confidence of trading on a registered and licensed platform.
The headquarters of FTX Australia will be in Sydney. Australia is very receptive to bitcoin trade, and it is legal. Although cryptocurrency is not yet legal tender in Australia, it is considered property under Australian law.
According to Statista, at least one out of every five persons in the country has some form of cryptocurrency. More than 18.4 percent of the overall population in the country owns cryptocurrency. The figures will climb as worldwide crypto use rises.
In terms of market share, FTX surpassed Coinbase to take second place in May. FTX had a market share of 10.8 percent, while Coinbase had a share of 9.6 percent. Following FTX’s development in Australia, the exchange launched its services in the European Economic Area. FTX is assisting in bringing crypto to a wider audience.