Trading Firm, Susquehanna, Planning to Move Its Headquarters to the Bahamas
- FTX sparked the relocation trend after moving from Hong Kong to the Bahamas two months ago.
Quantitative trading firm, Susquehanna international group, is plotting a move into the Bahamas to expand its crypto services into that region. Susquehanna is the latest crypto firm to join a host of other firms in moving to the island nation. Inside sources said Bahamas’ industry-friendly policies are one of the reasons many high-profile companies are relocating there.
While its headquarters is in Philadelphia, Susquehanna has multiple branches in various parts of the globe. The company is one of the top liquidity providers for traditional financial markets worldwide. It also offers a few crypto services. Susquehanna is a market maker on centralized exchanges.
However, it is in discussion with some decentralized finance (DeFi) derivatives platforms to also become a market maker with them. A source familiar with the matter told the media. Susquehanna hasn’t issued an official statement on this news yet.
Bahamas; an Upcoming Crypto Hub
The company’s proposed move to the Bahamas aligns with the plans of many other US based firms that are moving to the island nation. These crypto firms cite the same reason for relocating to the island nation – friendly crypto regulations and zero corporate taxes.
Sam Bankman-Fried-owned FTX digital market was the first high-profile crypto firm to move its main operations to the Bahamas in May 2022. Before moving to the Bahamas, FTX‘s main base was hong kong. Since then, many other crypto firms have made similar moves, with Susquehanna being the latest.
Authorities in the island nation continue to advocate for more crypto firms to relocate into its territory. At a recent event, Bahamas’ prime minister, Philip Davis, said the country is ready to be home to the top crypto players globally. Davis made these remarks at the salt event held in the island nation two months ago.
Incidentally, Susquehanna’s Head of the Crypto department, Bart Smith, was among the speakers at that event. Perhaps, Davis must have convinced smith about the benefits Susquehanna stands to enjoy when it eventually moves to the Bahamas. According to industry observers, the Bahamas is the favorite destination for crypto market players out of other US expatriate nations.
It is the nation with the most favorable crypto regulation. It is also worth noting that most other Caribbean islands have established regulations to entice international investors. The Head of legal at Storm Partners, a crypto consultancy firm, said the top crypto market participants desire an operating environment with a clear and stable crypto regulatory framework.
He added that the Bahamas is the favorite destination for these top crypto firms because it has the most advanced and comprehensive legal framework for its crypto industry. One of the nation’s top crypto bankers, who preferred not to disclose his name, said the Bahamas had become a hot commodity. “Many crypto traders and market makers are relocating here. The efforts in having a clear crypto framework are paying off.”