Fastex, a cryptocurrency exchange based in Dubai, is expanding its US footprint with the establishment of a new office in Los Angeles, California. The exchange will provide spot trading services for various cryptocurrencies, including Bitcoin, Ethereum, Cardano, Solana, and its native utility token, to both individual and institutional investors in the US.
This expansion comes amid the ongoing overhaul of the US approach to cryptocurrency regulation under President Trump's administration, which has seen the SEC adopt a softer stance. In a conversation with CoinDesk, Fastex's Chief Legal Officer, Vardan Khachatryan, attributed the exchange's decision to expand in the US to the regulatory shift, despite acknowledging the lack of a concrete legal framework for cryptocurrencies in the country. Khachatryan noted that while New York would be an ideal location for the company's headquarters, the difficulty in obtaining a BitLicense has led them to establish their US presence in Los Angeles instead.
Fastex is currently headquartered in Dubai and is working on obtaining a license from the Virtual Assets Regulatory Authority. Following its US expansion, the exchange plans to extend its reach into Latin America, starting with Brazil, followed by Argentina and Mexico.