According to The Block report, the cryptocurrency derivatives exchange FTX is planning to launch a spot crypto exchange in the United States. FTX CEO Sam Bankman-Fried said that the new exchange is currently undergoing beta testing and is scheduled to be officially launched in early May. According to information on the FTX.US website, the new exchange has registered as a money service business (MSB) in the US Financial Crimes Enforcement Network (FinCEN) and is applying for a state-level money transfer license (MTL) in multiple states. For financial services companies to operate legally in the United States, they must have both MSB and MTL. To provide services to users in New York, FTX also needs to apply for a cryptocurrency license BitLicense.