In September, FTX US chose Miami over its previous hub in Chicago as the location for its new U.S. headquarters.
After announcing Miami as its U.S. headquarters a month ago, FTX US, the operator of a cryptocurrency exchange, is encouraging staff to relocate there. According to those with knowledge of the situation, staff have been exhorted to make the transition by mid-November.
Although FTX’s other American offices aren’t entirely closing, they are being reduced in size as the startup looks to concentrate its workforce in Miami, according to the sources.
In a tweet in September, Sam Bankman-Fried, CEO of FTX, revealed that the exchange’s U.S. headquarters would be moving from Chicago to Miami.
Francis Suarez, the mayor of Miami, praised the action and expressed his desire to make the city a center for the cryptocurrency industry.
FTX has made sizable investments in Miami. The exchange manager received the Miami Heat’s exclusive designation as a cryptocurrency partner in April 2021. The American Airlines Arena was renamed FTX Arena as part of a $135 million, 19-year sponsorship agreement.
With Chicago-based former president Brett Harrison stepping down in late September to take on an advisory role, FTX’s leadership in the United States is also in transition. Harrison was replaced as the head of FTX US’s derivatives unit by a Miami resident named Zack Dexter.