Two years after the founding of FTX.US, cryptocurrency exchange FTX has established a European entity licensed in Cyprus, various media sources reported. Cyprus’ financial markets regulator CySEC has approved FTX’s European platform (ftx.com/eu), the exchange announced.
FTX Europe will provide products and services in the EEA through an undisclosed investment firm licensed to operate throughout the region. The head office 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 stage of international development
This development marks the next phase of international expansion, by expanding FTX’s presence in Europe and the Middle East. Apparently, the new entity will be the European equivalent of the crypto exchange FTX.US. After a $400 million funding round in January, it is valued at $8 billion.
FTX CEO and Founder Sam Bankman-Fried commented:
We are excited to launch our European operations in a regulated fashion to better serve you within the continent. As we move forward, we are continually looking at opportunities to be appropriately licensed and regulated for every market we enter. We will be in dialogue 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, said:
We are excited to bring FTX’s innovative offerings to the European markets and have our domain officially approved by CySEC. Europeans will now be able to use FTX’s best-in-class trading platform to invest in a wide range of cryptocurrency derivatives through a regulated investment firm.
a reputable investment jurisdiction
Cyprus is a highly coveted investment jurisdiction that provides access to the entire European Economic Area, which includes the European Union and three countries.
The acceptance of the domain of FTX by Cyprus 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, which include industry-leading options and derivatives, tokenized stocks and volatility products among others.