FTX cryptocurrency exchange, one of the world’s leading cryptocurrency exchanges, has established FTX Europe, a subsidiary of the global exchange like that of its counterpart, FTX U.S.
FTX announced that the European domain of the FTX’s platform has won approval from the Cyprus financial market regulator, CySEC. FTX Europe will offer products and services across the European Economic Area through an unidentified investment firm licensed to operate across the region.
The division is headquartered in Switzerland, with an additional base in Cyprus. As previously mentioned, FTX Europe will seemingly be the crypto exchange’s European equivalent of FTX.US, which was launched to American users in 2020 and now touts an $8 billion valuation following a $400 million fundraise in January.
What you should know
- Its European users will be able to trade a variety of cryptocurrency products powered by FTX’s industry-leading trading technology and digital asset offerings.
- The announcement also mentions that the company will be devoting significant resources towards developing a strong working relationship with the appropriate regulatory authorities.
- The approval of FTX’s domain by Cyprus’ financial watchdog to provide derivative services to European users also sets a new standard for cryptocurrency exchanges in Europe.
What they are saying
Sam Bankman-Fried, CEO & Founder of FTX, commented on the news stating, “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. 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.”
Patrick Gruhn, Head of the newly formed FTX Europe, stated, “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 thru a regulated investment firm.”
FTX’s FTT token currently trades $40.66, up 3.65% for the day, as of the time of this writing.
