Cryptocurrency exchanges

FTX US Hires Fidelity Executive as Crypto Exchange Seeks New York Approval

New York has a reputation for taking a firm regulatory hand with cryptocurrency companies. State Attorney General Letitia James last year warned investors cryptocurrency posed an ‘extreme risk.’ Photo: John Nacion/Zuma Press

FTX US has appointed former Fidelity Investments Inc. executive Marissa MacDonald as chief compliance officer for a to-be-formed New York unit, a move coming as the cryptocurrency exchange seeks approval to operate in the state.

Ms. MacDonald, who has expertise in financial services as well as the digital space, will be “invaluable” to FTX’s efforts, company President Brett Harrison said Wednesday. FTX wants to secure a license from the New York State Department of Financial Services, an important regulator.

Ms. MacDonald had worked for 14 years at Fidelity, most recently as chief compliance officer for digital assets. She started her career at Ernst & Young.

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FTX is committed to being “proactive when it comes to both compliance and establishing clear regulatory frameworks,” she said.

Though New York is a global center for finance, some cryptocurrency companies shy away from it because of its reputation as a sometimes difficult jurisdiction for such businesses.

New York Attorney General Letitia James last year warned investors that cryptocurrency posed an “extreme risk” and has shut down several companies’ activity in New York, including the well-known stablecoin company Tether Holdings Ltd.

Write to Richard Vanderford at richard.vanderford@wsj.com

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FTX is committed to being “proactive when it comes to both compliance and establishing clear regulatory frameworks,” she said.

Source: https://www.wsj.com/articles/ftx-us-hires-fidelity-executive-as-crypto-exchange-seeks-new-york-approval-11652388786

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