FTX exchange launches a regulated branch in Europe and Middle East
FTX continues with its expansion by opening a branch to focus on the European and middle east regions.
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 the Middle east.
FTX Europe currently offers the exchange's "leading products and service to European clients via a licensed investment company with Passportable license across the European 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 relevant regulatory authorities."
“As we continue to grow, we are always 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 exchanges in terms of expansions and collaborations as of late. The company declared a new humanitarian fund for investment and grants that could raise $1 billion this year alone.
Additionally, the firm also displayed a long ad during the US Super Bowl and Partnered with Coachella to publish NFT lifetime festival passes.
Read: FTX exchange ready to offer $1M prize for banks to accept stablecoin