FTX US Applies for Trust Charter in New York

The US-based affiliate of FTX crypto exchange has applied for a New York trust charter with the state’s Department of Financial Services (NYDFS) to offer crypto custody services in the state. FTX US Becomes Latest to Apply for a Bank Charter According to an official announcement, FTX US has applied for a trust charter with the New York financial services. If approved, the crypto platform will be able to offer its products and services to clients based in New York. With a banking charter, FTX.US can provide sub-custody services for any financial institution seeking to secure large amounts of digital assets. However, a New York charter would place the exchange under increased regulatory scrutiny. To date, the state’s regulator has only approved the coveted license to only a handful of crypto companies, namely wallet and custodian BitGo, Gemini and Coinbase exchanges, as well as stablecoin issuer Paxos. FTX US Already Named Its Chief Compliance Officer Pending regulatory review and approval, the licensed trust will be run by Fidelity Investments veteran Marissa MacDonald, who will assume the role of chief compliance officer. .@FTX_Official is excited to announce that Marissa MacDonald is joining us as CCO of FTX Trust Company, our to-be-established New York State trust company! https://t.co/dvdFze7oVI — Brett Harrison (@Brett_FTXUS) May 11, 2022 FTX.US has seen its valuation climb to $8 billion following the successful closing of...