FTX received the approval of the Cypriot financial market regulator CySEC and announced the start of the conquest of the European market through its subsidiary.
The crypto exchange announced the creation of FTX Europe and the expansion of its presence in the financial markets not only in Europe, but also in the Middle East. CySEC approval allows you to start offering exchange products to customers in the European Economic Area. FTX Europe will be headquartered in Switzerland with an additional regional headquarters in Cyprus.
“We are excited to begin work here to better serve those who live on the continent. We will be engaging with regulators across Europe to continue to provide a safe and secure environment for people trading cryptocurrencies,” said FTX CEO and Founder Sam Bankman-Fried.
Cyprus provides regulated firms with access to the entire European Economic Area. In turn, the Cypriot CySEC takes an active part in standardizing the activities of cryptocurrency exchanges in Europe to provide services to local users.
“Europeans will now be able to use a best-in-class trading platform to invest in a wide range of crypto assets through a regulated investment company,” said Patrick Gruhn, head of FTX Europe.
In early February 2022, it became known that the FTX cryptocurrency derivatives exchange was closing a deal to buy the Japanese company Liquid Group. Together with the Liquid exchange, the Japanese Quoine Corporation and the Singaporean Quoine Pte, which are members of the group, will be transferred under the management of FTX.