- FTX.US, the American arm of crypto exchange FTX, announced on Tuesday that it agreed to acquire derivatives dealer LedgerX.
- The CFTC granted LedgerX a so-called derivatives clearing organization license in 2020, letting it host complex contracts on the platform.
- The acquisition is well in line with FTX CEO Bankman-Fried’s frequent advocacy of regulatory engagement.
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FTX.US, the American arm of crypto exchange FTX, announced on Tuesday that it had acquired derivatives dealer LedgerX as FTX CEO Sam Bankman-Fried pushes crypto to embrace the eventuality of regulation.
LedgerX is a crypto derivatives exchange that holds several key licenses with the Commodity Futures Trading Commission. The CFTC granted LedgerX a so-called derivatives clearing organization license in 2020, letting it host complex contracts on the platform.
FTX.US did not disclose the size of the deal.
President Brett Harrison told Insider recently that it was seeking regulatory approval to offer crypto derivatives in less than a year, a move that could come via a deal. The LedgerX buyout will mean the CFTC-approved platform is eventually merged under the FTX.US umbrella, Harrison told the Block.
The acquisition is well in line with Bankman-Fried’s frequent advocacy of regulatory engagement. In an interview with Insider last week, Bankman-Fried said that he wants to see crypto become more friendly with regulators, a stepwise change from the defensive posture the industry is largely in today.
“I just wish that the industry were, as a whole, doing a more conscientious job of interfacing with regulators [and showing] that they don’t need to have overly paternalistic regulations,” he said.
The FTX.US acquisition comes as its parent exchange has undergone explosive growth of late. In July, Bankman-Fried said his ambitions could one day extend as far as buying Goldman Sachs or CME Group.
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