Crypto trading platform FTX gains presence in Europe
- The crypto exchange has disclosed it has established a European division
- The exchange’s founder Sam Bankman-Fried has previously talked about expansion and acquisition plans
Sam Bankman-Fried’s FTX has today announced a major milestone in its venture to explore new markets.
The cryptocurrency exchange revealed today it has set up a Switzerland unit befittingly named FTX Europe that will be focused on serving users from Europe and the Middle East. The new unit has an additional base in Cyprus where it is licensed by the local watchdog CySEC according to the exchange’s press release.
An FTX.US equivalent operating in Europe
FTX previously set up a unit, FTX.US, that solely operates in the United States – a market that is widely considered stricter. The Switzerland-based unit, which comes two years after FTX.US will conceivably operate as an equivalent in the European Economic Area.
It will leverage the services of an authorised unnamed investment firm to deliver its offerings as part of an arrangement the company disclosed.
“FTX Europe will now start offering FTX’s leading products and services to European clients via a licensed investment firm with passportable licenses across the European economic area,” a section of the PR read.
The new unit will be headed by Patrick Gruhn, who expressed delight in the expansion as well as license approval of the new division.
“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.”
FTX CEO Bankman-Fried, on the other hand, noted in his statement that the exchange plans to get in talks with regulators in individual countries to achieve compliance.
“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,” Bankman-Fried asserted.
It is unlikely, that the European unit represents the last efforts to expand. Last year, Bankman-Fried told CoinDesk TV that he was keen on pursuing further expansion by completing acquisition deals of local exchange. The FTX chief added that it wouldn’t come as surprise if FTX spent in excess of $1 billion on acqusitions this year.