FTX US encourages staff to relocate to new Miami headquarters

FTX US, the crypto exchange operator, is pushing staff to move to Miami a month after naming the city as its U.S. headquarters. Staff has been encouraged to make the move by mid-November, according to people familiar with the matter.

While FTX’s other offices in the United States are not fully closing down, they are being downsized as the startup looks to concentrate its workforce in Miami, the sources said. The move is about getting staff in the same place and ensuring they can communicate well, one person added. Currently, most of the available roles on FTX’s careers page are based in Miami.

“We’ve seen tremendous success in having our staff and community in one location and Miami has proved to be an exciting place for the industry and for the growth of this sector,” said an FTX spokesperson. 

Sam Bankman-Fried, FTX’s CEO, announced that the exchange would be shifting its U.S. headquarters from Chicago to Miami in a tweet in September. Miami mayor Francis Suarez — who has been vocal about his hopes to turn the city into a crypto hub — lauded the move.

FTX has invested heavily in Miami. In April 2021, the exchange operator was named the exclusive crypto partner of the Miami Heat. The American Airlines Arena was renamed FTX Arena as part of a 19-year sponsorship deal worth $135 million.

FTX’s leadership in the U.S. is also in transition, with former president Brett Harrison — who was based in Chicago — stepping down in late September to take on an advisory role. Miami resident Zack Dexter, who previously led FTX US's derivatives unit, took over from Harrison.

This story was updated at 8.30 p.m. ET, Nov. 1, to include a comment from FTX.