Crypto exchange OKX has registered as a Digital Asset Business in the Bahamas and formed a new subsidiary, OKX Bahamas, the company announced Thursday.
OKX Bahamas also announced it has opened a new office in Nassau and plans to staff 100 positions. The new Bahamian subsidiary will be headed by Dr. Jillian Bethel.
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 that 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,” Bethel, OKX Bahamas CEO, 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
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