FTX US has applied to The New York Department of Financial Services, or NYDFS, for a trust charter in order to offer crypto custody services in the state.
Crypto exchange FTX US announced on Wednesday that it had applied to New York’s financial services authority to incorporate a limited purpose trust business in order to offer its products and services to local consumers.
The licensed trust will be overseen by Fidelity Investments veteran Marissa MacDonald, who will take on the role of the chief compliance officer, pending regulatory assessment and clearance.
Those looking to operate in New York state can take a variety of routes to regulatory permission. One approach is to apply for a trust charter to provide crypto custody services, as Coinbase and BitGo have done. The alternative option is to apply for a BitLicense, which has been open since 2015.
BitLicense’s goal, according to the NYDFS, is to provide New York residents with a “well-regulated mechanism to access the virtual currency industry.”
In April, however, Mayor Eric Adams of New York City attacked the idea, arguing that requiring crypto businesses to apply for a license made the state “less competitive.”
Following a $400 million investment round in January, FTX US was valued at $8 billion. Later that month, FTX global exchange raised $400 million, bringing its total valuation to $32 billion.
