Quantitative trading firm Susquehanna will follow FTX to the Bahamas

Quick Take

  • Susquehanna is planning to open up an office in The Bahamas, according to a direct source with knowledge of the situation
  • It would put the firm in close proximity to FTX and its billionaire founder Sam Bankman-Fried. 

Susquehanna International Group, a large quantitative trading firm that operates in both traditional as well as crypto markets, is plotting an expansion to the small island nation of The Bahamas, following in the footsteps of Sam Bankman-Fried's FTX. 

The financial services firm, which is currently based in Bala Cynwyd Pennsylvania, has been active in the crypto market since at least 2018, trading across centralized and decentralized trading marketplaces. It has also backed firms including KuCoin in venture deals. 

CoinDesk first reported the news. 

The Block reported in April that a wide range of firms had been looking to set up shop next to Sam Bankman-Fried's FTX, which broke ground earlier this year on a new office and hosted a conference at the Baha Mar resort with Anthony Scarmucci's SALT. 

A big draw of The Bahamas for crypto companies is that the regulatory environment is relatively friendly, particularly compared with the US. 

In an interview with The Block at the so-called Crypto Bahamas conference in April, FTX's Ryan Salame said the Bahamian government has established itself as a regulatory leader by establishing a crypto framework with the DARE Act in 2020,” Salame said. “The industry is looking for clear rules of the road and that is what the Bahamas has provided.”

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

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