FTX Expands Crypto Business into Europe
Posted by Colin Lambert. Last updated: March 8, 2022
Cryptocurrency exchange FTX has announced the establishment of FTX Europe to extend its existing business to that region and the Middle East. The company’s European Union domain has been recognised by the Cypriot financial regulator CySEC.
The move means that FTX Europe can start offering products and services to European clients via a licensed investment firm with passportable licenses across the European economic area.
“We’re excited to launch our European operations in a regulated fashion to better serve those within the continent,” says Sam Bankman-Fried, CEO and founder of FTX. “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.”
FTX Europe is currently headquartered in Switzerland, and FTX, which touted its acquisition of LedgerX as a boost to its regulatory work, says it will be “devoting significant resources towards developing a strong working relationship with the appropriate regulatory authorities”.