The European arm of crypto exchange FTX, FTX Europe, receives regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to operate as a Cyprus investment firm (CIF).
According to the announcement, FTX Europe is now allowed to completely own the regional investment company it previously purchased and use it to serve its clients. With CySEC’s permission, FTX hopes to strengthen its position in the European region.
Patrick Gruhn, Head of FTX Europe, stated “Operating under this license will further our goal of being a European entity regulated to the highest standard. We look forward to continuing our productive relationship with CySEC as we continue to expand our European offerings.”
Additionally, the European Directive 2014/65/EU on Markets in Financial Instruments will oblige FTX Europe to adhere to national laws and financial standards under the CIF License issued by the CySEC.
FTX EU is now the only cryptocurrency exchange worldwide to offer a full suite of exchange services under a full MiFID II license, which is held to much higher standards than local registrations as Crypto Asset Service Providers, and it now has access to the entire European Economic Area thanks to the regulatory approval from the CySEC.
Sam Bankman-Fried, CEO & Founder of FTX, noted “Securing this license in the European Union is an important step in achieving our goal of becoming one of the most regulated exchanges in the world. We are continuing to work with CySEC and regulators across the globe to be the leader in the digital asset industry when it comes to meeting the financial standards that are expected of traditional financial institutions.”
Just last month, Cyprus regulators allowed Revolut to offer crypto services in the European Economic Area (EEA).
In July, Crypto.com announced its European expansion strategy after receiving regulatory approval from the Cyprus Securities and Exchange Commission (CySEC).