Crypto exchange FTX US has applied for a trust charter with the New York Department of Financial Services, or NYDFS, to operate in the state. 

In a Wednesday announcement, FTX US said it had applied to form a limited purpose trust company with New York’s financial services regulator in an effort to offer its products and services to local users. Pending regulatory review and approval, the licensed trust will be run by Fidelity Investments veteran Marissa MacDonald, who will assume the role of chief compliance officer.

.@FTX_Official is excited to announce that Marissa MacDonald is joining us as CCO of FTX Trust Company, our to-be-established New York State trust company! https://t.co/dvdFze7oVI

— Brett Harrison (@Brett_FTXUS) May 11, 2022

Crypto firms seeking to operate in New York state have different paths toward regulatory approval. One method is to apply for a trust charter, as Coinbase and BitGo have done for offering crypto custody services. The other is to apply for a BitLicense, a route available since 2015.

According to the NYDFS, the BitLicense is intended for New York residents to have a “well-regulated way to access the virtual currency marketplace.” However, New York City Mayor Eric Adams criticized the initiative in April, claiming requiring crypto firms to apply for a license makes the state “less competitive.”

Related: Jack in the Box claims in court FTX US ripped off its character to create ‘Moon Man’

Cointelegraph reported in January that FTX US reached an $8 billion valuation following a $400 million funding round. FTX’s global exchange followed with its own $400 million raise later that month, raising its valuation to $32 billion.