Two years after founding FTX.US, cryptocurrency exchange FTX has established a European unit licensed in Cyprus, various media sources reported. CySEC, Cyprus’ financial market regulator, approved FTX’s European platform (ftx.com/eu), the exchange announced.
FTX Europe will make its products and services available in the EEA through an unidentified investment company licensed to operate throughout the region. The headquarters of the division will be in Switzerland. Cyprus will have an additional base.
Users in the EEA will have access to a variety of cryptocurrency products powered by FTX’s industry-leading digital asset offerings and trading technology.
The next phase of international growth
By expanding FTX’s presence in Europe and the Middle East, this development marks the next phase of international expansion. Apparently, the new unit will be the European equivalent of FTX.US for the crypto exchange. After a $400 million funding round in January, it is valued at $8 billion.
Sam Bankman-Fried, CEO and founder of FTX commented:
We are delighted to launch our European operations in a regulated manner to better serve those on the continent. As we grow, we are constantly looking for opportunities to obtain proper licensing and regulation in each market we enter. We will be interacting with regulators in various countries across Europe to continue to provide a safe and secure environment for people to trade crypto.
Patrick Gruhn, Head of FTX Europe added:
We are delighted to bring FTX’s innovative offerings to European markets and that CySEC has officially approved our domain. Europeans will now be able to use FTX’s best trading platform to invest in a wide range of cryptocurrency derivatives through a regulated investment firm.
A reputable investment jurisdiction
Cyprus is a highly reputed investment jurisdiction providing access to the entire European Economic Area, which includes the European Union plus three countries.
FTX’s domain approval by Cypriot CySEC to provide derivative services to European users also sets a new standard for cryptocurrency exchanges in Europe.
About FTX Europe
FTX Europe gives users in the European Economic Area and the Middle East access to FTX’s innovative products, including industry-leading options and derivatives, tokenized stocks, and volatility products among others.
