The American arm of FTX has just acquired LedgerX, a crypto derivative platform, for an undisclosed sum. The exchange announced this deal via a tweet on August 31st.
The United States regulators are on track to ensure that only platforms that comply totally with the law can offer derivatives.
LedgerX is a futures and option exchange that are regulated under the major United States regulators like Commodity Futures Trading Commission and Derivatives Clearing Organization.
Therefore, this partnership with LedgerX will help FTX.US to offer crypto derivatives that are in tandem with the Commodity Futures Trading Commission regulations. In simpler words, FTX.US can now offer options and futures trading.
Sam Bankman-Fried, the CEO of FTX International, commented that the exchange wants to work hand-in-hand with regulators to ensure the safety of the ecosystem.
“We’re excited to work with the CFTC on innovating in the US crypto derivatives space in a regulated, understood manor. Common ground between regulators and industry is the foundation of safe, sustainable innovation,” he said.
Brett Harrison, the CEO of FTX.US, cautioned in a press release that users should manage their risks and trade derivatives responsibly.
“It is important to make it clear from the beginning that this is a trading platform…it’s not a game with which to risk everything. And that’s not our goal. We want people to trade safely and responsibly,” Steven Ehrlich reported on Forbes.
However, while the acquisition agreement might have been made, it might take some months LedgerX needs to “close” properly, and that might be around October.