The Sam Bankman-Fried-led cryptocurrency exchange has received licensing from the Cyprus Financial Market Regulator (CySEC) to launch FTX Europe. The idea of the new venture is to enhance the company’s presence in the Old Continent and in the Middle East.
- The press release shared earlier on March 7 reads that FTX Europe will now offer the exchange’s “leading products and services to European clients via a licensed investment firm with passportable licenses across the European economic area.”
- Customers from the aforementioned areas will be able to open accounts and trade all available FTX product offerings.
- The European branch will have two headquarters – one in Switzerland and the other in Cyprus and will devote “significant resources towards developing a strong working relationship with the appropriate regulatory authorities.”
“As we continue to grow, we are constantly looking for 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.” – commented the CEO and Founder of the firm – Sam Bankman-Fried.
- FTX has been among the most active cryptocurrency exchanges in terms of expansions and collaborations as of late. Last week, the company announced a new humanitarian fund for investments and grants that could rise to $1 billion this year alone.
- The firm also displayed a long ad during the US Super Bowl and partnered with Coachella to release NFT lifetime festival passes.