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FTX Seeks to Establish Substantial Presence in U.S. with Miami Office

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Thu, 06/10/2021 - 13:41
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Alex Dovbnya
FTX is joining the rush to Miami with plans to open an office in the Magic City
FTX Seeks to Establish Substantial Presence in U.S. with Miami Office
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Hong Kong-based cryptocurrency exchange FTX has plans to establish a "substantial presence" in the U.S.

According to a June 10 report by the Miami Herald, the company plans to open an office in the Magic City.

CEO Sam Bankman-Fried has not shared any details concerning how many people the exchange plans to hire in Miami.

In March, the exchange reached a $135 million naming rights deal with Miami-Dade County to rename American Airlines Arena to FTX Arena.

While FTX does not allow U.S. users to trade, it also has a local exchange called FTX.US that was launched back in May 2020.

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A mecca for crypto businesses

South Florida has become a key destination for financial firms because of its low corporate tax and zero income tax, with the likes of Blackstone moving to open offices there.

Miami has turned into a mecca for crypto firms even more because of Mayor Francis Suarez's pro-crypto policies.

The recently held Bitcoin 2021 conference ended up being the biggest crypto event ever, with over 12,000 attendees.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.