FTX expands to Europe with CySEC approval
The global crypto derivatives and spot trading exchange FTX is expanding to Europe after receiving approval from the Cyprus Securities and Exchange Commission (CySEC).
The new venture, called FTX Europe, would offer leading products of the company to the European clients via a licensed investment firm across the European economic area. The new European venture is headquartered in Switzerland along with a regional headquarters in Cyprus.
Cyprus is seen as one of the reputed jurisdictions that offers a regulated medium for financial firms to access the European economic area. Thus, FTX would be able to offer its derivative crypto products as well, which is a big breakthrough, given Binance had to shut all crypto derivatives products last year across Europe.
Sam Bankman Fried said their new venture will be “interacting with regulators in various countries across Europe to continue to provide a safe and secure environment for people to trade crypto.”
Related: FTX CEO weighs in on Bitcoin market outlook amid Ukraine crisis
The exchange claimed that their launch in Europe in a regulated manner would be key to their further expansion in the region. The exchange aims to maintain interactions with regulators in various countries across Europe to build a safe a secure ecosystem to trade crypto. FTX didn’t respond to requests for comments from Cointelegraph at press time.
The global crypto exchange currently valued at $32 billion, is looking to expand its scope of services to new regions as well as fund and build nascent crypto ecosystems including such as GameFi and play-to-earn.
The global crypto exchange recently announced a $2 billion venture capital fund to support development for Web3 across social, gaming, fintech, software and healthcare.