Fastex Expands to U.S. Amid SEC Policy Shift

Fastex, a Dubai-based crypto exchange, is expanding its presence in the U.S. by establishing an office in Los Angeles, California. This move is part of the company's strategy to offer spot crypto trading services for tokens including bitcoin, ether, Cardano, Solana, and its native utility token, Fasttoken, to both retail and institutional investors in the U.S.

The expansion comes at a time when the U.S. is overhauling its approach to crypto regulation under the current administration. The U.S. Securities and Exchange Commission (SEC) has shifted away from its previous regulation-by-enforcement approach, which involved dropping several open investigations and closing ongoing litigation against crypto exchanges. This change in policy has created a more favorable environment for crypto companies, including Fastex, to consider expanding their operations in the U.S.

In an interview, Fastex’s Chief Legal Officer and board member Vardan Khachatryan highlighted that the SEC’s softened stance toward crypto regulation was a significant factor in the exchange’s decision to expand into the U.S. However, he acknowledged that there is still no concrete legal framework for crypto in the country, making it a somewhat risky endeavor. Despite the risks, Khachatryan noted that the policy changes have made the expansion more feasible.

While cities like New York are eager to attract crypto companies due to the Trump Administration's crypto-friendly policies, Fastex has chosen Los Angeles for its initial U.S. office. Khachatryan mentioned that New York would be an ideal location for a headquarters but that the prospect of obtaining a BitLicense, a notoriously difficult-to-obtain crypto license issued by the New York Department of Financial Services, is currently prohibitive. He expressed hope that the regulatory environment in New York might change in the future.

Fastex is currently headquartered in Dubai, within the Dubai International Financial Centre. The exchange is in the process of obtaining a license from Dubai’s Virtual Assets Regulatory Authority. Following its expansion into the U.S., Fastex has plans to further extend its reach into Latin America, with initial targets including Brazil, Argentina, and Mexico.