The FTX.US stated Wednesday that it had applied for a trust charter with the New York Department of Financial Services (NYDFS).
The crypto exchange, which is FTX’s American subsidiary, appears to be getting closer to allowing New York citizens to use its services. FTX.US has begun planning the launch of a New York State limited purpose trust corporation as it waits for regulatory approval.
Marissa MacDonald, the former chief compliance officer of Fidelity Digital Assets, was hired by FTX.US on Wednesday to serve in the same role at the firm’s “to-be created” New York subsidiary.
FTX US president Brett Harrison stated the following:
“Marissa has spent her career working alongside regulators, developing and building best-in-class compliance programmes. Her background in traditional financial services as well as digital assets will be extremely beneficial to our efforts.”
A limited purpose trust company, according to the Department of Financial Services, is an entity authorised under the New York banking law’s bank and trust company provisions but without the ability to accept deposits or make loans.
According to the department’s website, it has mostly served “out-of-state or foreign banking firms needing an extended New York presence, as well as insurance and securities companies looking to enhance activities by undertaking other trust services through subsidiaries.”
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