The cryptocurrency derivatives exchange FTX Trading Limited announced it would expand its empire by launching a European Unit. It is poised to start offering services in Europe and the Middle East after securing approval from financial regulators in Cyprus – CySEC through its ftx.com/eu domain.
In Brief:
- FTX Europe will serve EU clients with FTX’s trading platform and crypto derivatives through a licensed investment firm.
- It is headquartered in Switzerland with an additional base in Cyprus.
- The division will be led by Patrick Gruhn to provide digital asset offerings across the European Economic Area.
FTX Europe will offer the parent’s products and services to European Union clients via a partnership with a “licensed investment firm” which remains unnamed.
The license will basically allow FTX to provide a range of cryptocurrency products powered by its trading technology and digital asset offerings across the European Economic Area through their ‘passport regime’ – allowing firms to operate across borders.
FTX Europe is headquartered in Switzerland, with an additional base in Cyprus with Patrick Gruhn heading the division. Cyprus is a well-known investment firm jurisdiction that provides regulated firms with access to the entire European Economic Area.
Gruhn shared, “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.”
“As we continue to grow, we are constantly looking at opportunities to become appropriately licensed and regulated in every market we enter,” FTX Chief Executive Officer Sam Bankman-Fried said. “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 continues to foray into different routes setting a standard for cryptocurrency exchanges across the globe. With its rapid expansion and sponsorship deals, FTX is readying to enter the fashion world with Lauren Platt – hiring her to capitalize on the $300 billion above luxury goods market.
