Crypto derivatives exchange FTX established a Bahamian subsidiary, FTX Digital Markets, that has been granted regulatory approval. It named Ryan Salame to lead the unit.

FTX Digital Markets will be headquartered in Nassau, Bahamas, and has been registered by the country’s Securities Commission as a digital assets business under the Digital Asset Registered Exchanges Bill, known as the DARE Act, the exchange said Monday.Registration under the act will allow FTX to expand its platform in the region.Salame was formerly the head of OTC at Alameda Research, which backs FTX.“With this expansion through the DARE Act we are further committing to providing all our clients with a safe, trustworthy and compliant exchange,” FTX CEO Sam Bankman-Fried said in a statement.Bankman-Fried said the exchange is committed to maintaining a close working relationship with local regulators to help promote the growth of crypto.

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