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OKX Expands to the Bahamas With New Registration and Regional Office
The crypto exchange has officially registered as a Digital Asset Business in the Bahamas under the country’s crypto-friendly DARE Act.
Crypto exchange OKX has registered as a Digital Asset Business in the Bahamas and formed a subsidiary, OKX Bahamas, the company said Thursday.
OKX Bahamas also opened an office in Nassau and plans to hire for 100 positions. The new Bahamian subsidiary will be headed by Jillian Bethel.
STORY CONTINUES BELOW
The registration comes months after the country passed the Digital Assets and Registered Exchanges (DARE) Act, which opened the door for crypto businesses to operate in the Bahamas.
The announcement underscores the growing appeal of the island nation as a destination for crypto companies. OKX will join FTX, Sam Bankman-Fried's crypto exchange giant, which moved its headquarters to the Bahamas in September 2021.
“The DARE Act has made the Bahamas a pioneer in digital asset adoption, and I’m proud to lead the OKX Bahamas team in championing crypto,” CEO Bethel said in a statement. “As a gateway to the Caribbean and the broader Americas, the Bahamas is opening new doors for local talent and global businesses to thrive here with forward-looking policy.”
In July, OKX also obtained a provisional Virtual Assets Regulatory Authority (VARA) license in Dubai, where it has also opened a regional hub to serve qualified investors within the UAE and surrounding countries.
OKX serves over 20 million global customers in 180 markets and averages over $84 billion in monthly spot trading volume year-to-date, according to the company’s statement.
Read More:Wall Street Goes Crypto in the Bahamas
Tracy Wang
Tracy Wang was the deputy managing editor of CoinDesk's finance and deals team, based in New York City. She has reported on a wide range of topics in crypto, including decentralized finance, venture capital, exchanges and market-makers, DAOs and NFTs. Previously, she worked in traditional finance ("tradfi") as a hedge funds analyst at an asset management firm. She owns BTC, ETH, MINA, ENS, and some NFTs. Tracy won the 2022 George Polk award in Financial Reporting for coverage that led to the collapse of cryptocurrency exchange FTX. She holds a B.A. in Economics from Yale College.
