FTX expands its global reach, launches European operations 🚨 This article is 3 years old...
FTX expands its global reach, launches European operations
Following regulatory approval, the crypto exchange establishes its presence on the Old Continent.
2 min read
Updated: Mar. 14, 2022 at 12:46 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
One of the leading cryptocurrency exchanges, FTX Trading Limited (“FTX”), recently announced the establishment of FTX Europe.
Securing the approval from the Cyprus financial market regulator CySEC enabled the crypto trading giant to proceed with its global expansion plans and establish its presence in Europe.
Licenses across the European economic area
With the establishment of FTX Europe, the crypto exchange will be licensed to offer its products and services to European clients.
“We’re excited to launch our European operations in a regulated fashion to better serve those within the continent. As we continue to grow, we are constantly looking at opportunities to become appropriately licensed and regulated in every market we enter,” Sam Bankman-Fried, CEO and Founder of FTX, commented on the news.
The move enables FTX to cater to clients in new regions through a registered investment firm with “passportable licenses across the European economic area.”
“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,” added Sam Bankman-Fried.
Based in Switzerland with an additional headquarter in Cyprus
Currently headquartered in Switzerland, FTX Europe also has an additional regional headquarter in Cyprus.
As a highly reputed jurisdiction, Cyprus provides regulated investment firms access to the entire European economic area, which includes the European Union and three non-EU countries.
“We’re excited to bring FTX’s innovative offerings to the European markets and that CySEC officially approved our domain. Europeans will now be able to use FTX’s best-in-class trading platform to invest in a wide range of cryptocurrencies derivatives through a regulated investment firm,” Patrick Gruhn, Head of FTX Europe, concluded.
This global expansion milestone follows a major fundraising round announced in January.
Following the completion of its first external fundraising round and receiving $400 million in investment from Softbank’s Vision Fund 2, Temasek, and the Ontario Teachers’ Pension Plan Board, the company’s US affiliate, FTX.US, which caters to American users since 2020, boasts an $8 billion valuation.
