FTX Moves US Headquarters to Miami, President Resigns

A lot is going on with crypto exchange FTX including a change in administration and relocation of its US headquarters. Meanwhile, the crypto company opened its official US headquarters in Chicago in May. At the time of the opening, Mayor Lori Lightfoot graced the occasion and helped cut the ribbon. The 9,000 square foot office space pushed FTX s presence and its ambition for continuous expansion.

FTX US Moves Headquarters from Chicago

About four months after the opening of the Chicago headquarters, FTX CEO Sam Bankman-Fried announced the move to Miami. The CEO confirmed that FTX has offices all over the world, and the Miami headquarters is part of its mission to receive licenses for its various businesses. Last September, the crypto exchange also moved its global headquarters. On 20th September 2021, FTX announced that its global headquarters had changed from Hong Kong to the Bahamas. In an interview, Bankman-Fried stated the reason for choosing the new location. He said the Bahamas is one of the first countries to have explicit crypto regulation regimes. And as for the businessman, the crypto industry needs comprehensive regulation to function properly.

Speaking on the recent US headquarters transition, FTX CEO stated:

“Frankly, for us, having clear licensure for our marketplaces is by far the biggest piece of this, that’s what we’ve been focusing on.”

It’s safe to say Miami has become the hub for crypto startups in the US, second only to New York. The influx of crypto companies in the city is accompanied by Mayor Francis Suarez, who is a crypto bull. Before FTX, Blockchain.com moved its headquarters to Miami, while other crypto platforms, including eToro, established offices in the city.

FTX US President Resigns

While announcing the FTX US transition to its Miami headquarters, Bankman-Fried also said goodbye to the company’s president Brett Harrison. Also, the outgoing executive wrote about his resignation on Twitter (NYSE: TWTR). He is exiting his presidential role after his experience of 1 and a half years at FTX. Harrison wrote about how he worked in growing the US arm of the exchange from “three multi-tasking employees” to a team of over 100 dedicated staff. He added that these talented individuals spread across customer service, compliance, business development, legal, tech, and operations.

“Over the next few months I’ll be transferring my responsibilities and moving into an advisory role at the company… I’m remaining in the industry with the goal of removing technological barriers to full participation in and maturation of global crypto markets, both centralized and decentralized.”

He concluded the Twitter thread by saying he “can’t wait to share” his next steps. In the interim, Harrison said he would be helping the CEO and the entire team with the changes.