Two years after founding FTX.US, cryptocurrency exchange FTX has established a European unit licensed in Cyprus, various media sources reported. CySEC, Cyprus’ financial market regulator, approved FTX's European platform (ftx.com/eu), the exchange announced.
FTX Europe will make products and services available in EEA via an unidentified investment firm licensed to operate across 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 phase of international growth
By extending FTX’s presence into Europe and the Middle East, this development marks the next phase of international expansion. Apparently, the new unit will be the crypto exchange's European equivalent of FTX.US. After a $400 million funding round in January, it is valued at $8 billion.
Sam Bankman-Fried, CEO and founder of FTX commented:
We're excited to launch our European operations in a regulated fashion to better serve those within the continent. As we continue to grow, we are constantly looking at 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.
Patrick Gruhn, Head of FTX Europe added:
We're excited to bring FTX's innovative offerings to the European markets and that CySEC officially approved our domain. 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.
A reputable investment jurisdiction
Cyprus is a highly reputed investment jurisdiction providing access to the entire European Economic Area, which includes the European Union plus three countries.
The approval of FTX's domain by the 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, including industry-leading options and derivatives, tokenized stocks, and volatility products among others.