It was created to be in compliance with US laws and excluded some of FTX's derrivative products and other staking prodicts the SEC frowned upon.
FTX was actually a huge number of country specific exchanges with an orgnization chart of some 134 compnaies.
An interesting story from Japan is that after the Japanese Mt Gox, Japan changed it's laws, so that investors funds can't be comingled with company funds, investopr funds have to be held offline in cold wallets, and this arrangement is audited quarterly by a government auditor.
The investors in FTX Japan got their funds back in about 60 days.
The delay was due to centralization in FTX which allowed one FTX exchange to turn off the software of every FTX exchange.
The FTX Japan was able to restore it's exchange by uploading their previous software from a company FTX bought and take control of the wallets.
I wrote a few articles on this back when it was fresh, because I thought it was a roadmap to safer centralized exchanges.