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FTX expands to Europe with CySEC approval

Headquartered in Switzerland, FTX Europe will offer FTX products in Europe, including cryptocurrency derivative services.

Global cryptocurrency derivatives and spot exchange FTX is expanding into Europe after receiving approval from the Cyprus Securities and Exchange Commission (CySEC).

The new company called FTX Europe would offer the main products of the company to European clients through an investment company licensed throughout the European Economic Area. The new European company is based in Switzerland, along with a regional headquarters in Cyprus.

Cyprus is seen as one of the renowned jurisdictions offering a regulated means for financial companies to access the European Economic Area. Therefore, FTX would also be able to offer its crypto derivatives products, which is a big step forward since Binance had to shut down all crypto derivatives products last year across Europe.

Sam Bankman Fried said that his new venture will “interact with regulators in various countries in Europe to continue to provide a safe environment for people to trade cryptocurrencies.”

Related: FTX CEO Assesses Bitcoin Market Outlook Amid Ukraine Crisis

The exchange claimed that its launch in Europe on a regulated basis would be key to its expansion in the region. The exchange aims to maintain interactions with regulators in various European countries to build a safe ecosystem for cryptocurrency trading. FTX did not respond to requests for comment from Cointelegraph at the time of publication.

The global cryptocurrency exchange, currently valued at $32 billion, is looking to expand its reach of services to new regions, as well as fund and build nascent cryptocurrency ecosystems, including gameFi and play-to-earn.

The global cryptocurrency exchange recently announced a $2 billion venture capital fund to support Web3’s development in social media, gaming, fintech, software, and healthcare.

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