FTX US Submits Trust Charter Application to NYDFS to Operate Legally within New York

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This Wednesday, FTX US, the US arm of the Bahamian crypto exchange FTX, looked to expand its operations to New York via its trust charter application with the New York Department of Financial Services, or NYDFS. Interestingly, this announcement from FTX US came only a day after it had opened its new headquarters in Chicago.

FTX US stated in the announcement that it had applied to establish a limited purpose trust firm with the state’s financial services regulator in an effort to offer its services and products to the people of New York. Alongside its efforts for a charter in the state, FTX also stated that it had appointed Marissa MacDonald as the Chief Compliance Officer of the would-be New York state limited purpose trust company, named FTX Trust Company, LLC.

Crypto exchanges looking to expand their field of operations to New York currently have various paths they may undertake to receive regulatory approval. On top of the trust charter application with the NYDFS, which Coinbase and BitGo had previously done, and FTX US is currently on, crypto firms may also apply for a BitLicense with the same regulators. That being said, the BitLicense initiative is currently on the bad side of the state’s current mayor, Eric Adams, who believes that the particular license makes the state less competitive.

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