Crypto exchange giant, FTX has expanded its footprint in Europe with the establishment of a new entity and is obtaining a regulatory license from the Cyprus Securities and Exchange Commission (CySEC).
The new entity, FTX Europe, is headquartered in Switzerland and has regional headquarters based in Cyprus. The company aims to expand its presence in Europe and the Middle East.
The move is strategic as it will now passport its CySEC license to offer regulated cryptocurrency investment products in European Economic Area (EEA) countries. The services will be provided through its domain ftx.com/eu.
“We’re excited to launch our European operations in a regulated fashion to better serve those within the continent,” said the FTX Founder and CEO, Sam Bankman-Fried.
“As we continue to grow, we are constantly looking at opportunities to become appropriately licensed and regulated in every market we enter. We’ll be interacting with regulators in various countries across Europe to continue to provide a safe and secure environment for people to trade crypto.”
Another Crypto Giant
FTX was established as a crypto derivatives exchange but now has turned into one of the largest crypto exchanges in terms of trading volumes. In addition, it is one of the few global exchanges to have regulated operations in the United States as well.
The global exchange, FTX was recently valued at $25 billion after a $420 million funding round , while the US subsidiary received $8 billion in valuation. Earlier, the exchange acquired Japanese crypto exchange Liquid to enter the east Asian market.
“We’re excited to bring FTX’s innovative offerings to the European markets and that CySEC officially approved our domain,” Patrick Gruhn, the Head of FTX Europe, said. “Europeans will now be able to use FTX’s best-in-class trading platform to invest in a wide range of cryptocurrencies derivatives thru a regulated investment firm.”
