Global cryptocurrency exchange FTX Trading Limited has launched a business in Switzerland and is now offering a variety of cryptocurrency products. Its European arm has already received approval from some financial market regulators and is planning further expansion.
FTX is one of the leading cryptocurrency exchanges and is expanding its presence to Europe and the Middle East. FTX Europe is currently headquartered in Switzerland, with an additional regional headquarters in Cyprus. The company has already received approval from the Cyprus Securities and Exchange Commission (CySEC), the financial markets regulator. In addition, the company will devote significant resources to developing a strong working relationship with additional regulators.
Licensed investment company
The company's European arm will now offer all products and services to European clients through a licensed investment firm with passport-enabled licenses throughout the European Economic Area. Users in these regions will be able to trade a variety of cryptocurrency products based on FTX's trading technology and its range of digital assets.
"We are excited to launch our European business in a regulated form to better serve the people of the continent. As we continue to grow, we are constantly looking for ways to be properly licensed and regulated in each market we enter. We will work with regulators in various countries across Europe to continue to provide a safe environment for crypto trading." - Sam Bankman-Fried, CEO and Founder of FTX
Cyprus is a well-respected jurisdiction for investment firms, along with Switzerland, and offers regulated firms access to the entire European Economic Area (which includes the European Union plus three countries), the company said. CySEC's approval of the FTX domain to provide derivatives services to European users also sets a new standard for cryptocurrency exchanges in Europe.
