FTX US revealed its application for a trust charter along with announcing the appointment of a new Chief Compliance Officer (CCO). Marissa MacDonald, experienced compliance professional from Fidelity Investments Inc, will be in charge of the licensed trust.
FTX US, the US branch of one of the world’s largest crypto exchanges, has applied for a trust charter with the New York Department of Financial Services (NYDFS) to run operations in the state and offer its services to New York residents. Once the application is approved, FTX US will be able to serve NY clients within New York State’s regulatory framework.
According to NYDFS, trust charters allow companies to provide custodial services for New York clients who need to secure large amounts of digital assets with designated entities that offer the highest level of security, regulatory oversight, and operational efficiency. Besides, a New York Trust Charter allows a company to bring its custodial services to many other states without obtaining additional licenses. Previously, BitGo and Coinbase exchanges obtained similar charters.
Notably, there is another way to get regulatory approval in New York. In particular, a company can apply for a BitLicense, a business license of virtual currency activities, issued by the New York State Department of Financial Services under special regulations designed for companies. BitLicense also performs a wide range of crypto regulatory functions within New York, including cryptocurrency transmission, exchange service provision, and digital asset management.
FTX US New CCO
FTX US revealed its application for a trust charter along with announcing the appointment of a new Chief Compliance Officer (CCO). Marissa MacDonald, an experienced compliance professional with a fourteen-year background from Fidelity Investments Inc, will be in charge of the licensed trust.
.@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 (@BrettHarrison88) May 11, 2022
FTX US President Brett Harrison commented:
“Marissa has spent her career leading and building best-in-class compliance programs while working alongside regulators. We could not be more excited for her to continue that work, now for the FTX family of businesses. Her experience working in both traditional financial services and digital assets will make her invaluable to our efforts.”
Ms. MacDonald stated:
“After a rewarding tenure at Fidelity, I’m excited to dive deeper into the world of digital assets with one of the most regulatory forward and trusted exchanges in the space. The FTX team’s continued commitment to being proactive when it comes to both compliance and establishing clear regulatory frameworks is exciting and I’m looking forward to leveraging my expertise to help them achieve their ambitious goals.”
Earlier, Marissa was a Vice President in the Ethics Office at Fidelity Investments where she led the firm’s Political Law and Gifts and Entertainment compliance programs. In addition, she was conducting broker-dealer supervision activities as well as working with the Fidelity Funds Boards. Prior to joining the Ethics Office, Marissa led Fidelity’s Global Anti-Corruption compliance program, first joining compliance in 2011.
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