FTX Exchange To Start European Operation with ‘FTX Europe’
Other Exchanges News
- FTX exchange secured approval from financial regulators in Cyprus and will start offering its products to European clients.
- European users can trade a variety of cryptocurrencies using the platform.
- The firm’s headquarters is located in Switzerland, with an additional base in Cyprus.
Two years after the launch of FTX.US, the global cryptocurrency exchange has announced on Monday the establishment of FTX Europe. The announcement came after the FTX platform secured approval from financial regulators in Cyprus.
According to the press release, the firm will start offering its products to European clients via a licensed investment firm. In addition, FTX Europe is currently headquartered in Switzerland. European users can trade a variety of cryptocurrency products powered by FTX’s industry-leading trading technology and digital asset offerings.
Founder and CEO Sam Bankman-Fried stated,
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.
FTX Europe will seemingly be the European crypto exchange equivalent to FTX.US, launched to American users in 2020. Likewise, FTX’s US business has caught the attention of the financial press after growing its user base to 1 million. At the same time, FTX are hinting at the ambitions to go after household names like Robinhood with its own stock trading feature.
Moreover, the expansion follows a bumper fundraising round announced in January that raised $400 million and in just a few days reached $8 billion. The round’s success can be attributed to its marketing fund.
Meanwhile, FTX.US owns the naming rights of the Miami Heat stadium and is the official crypto exchange sponsor of Major League Baseball.