Global crypto derivatives and spot trading exchange FTX expands in Europe after obtaining approval from the Cyprus Securities and Exchange Commission (CySEC).
The new venture, called FTX Europe, will offer the company’s core products to European customers through an investment firm licensed in the European Economic Area. The new European company is headquartered in Switzerland, and the regional headquarters is in Cyprus.
Cyprus is one of the leading jurisdictions that offers a regulated environment for financial institutions to access the European Economic Area. As such, FTX will also be able to offer its own crypto-derivative products, a significant feat given that Binance was forced to shut down all crypto-derivatives products across Europe last year.
Sam Bankman Freed said their new project “will work with regulators across Europe to continue to provide a safe and secure environment for cryptocurrency trading.”
Related: FTX CEO Assesses Market Prospects for Bitcoin in the Middle of the Ukraine Crisis
Oslo Bors said its organized launch in Europe will be key to its continued expansion in the region. Oslo Børs is committed to interacting with regulators in various European countries in order to create a safe and secure cryptocurrency trading ecosystem. FTX did not respond to requests for comment from Cointelegraph at the time of the press release.
The global cryptocurrency exchange, currently valued at $32 billion, aims to expand its services into new territories, as well as fund and create new cryptocurrency ecosystems, including systems such as gameFi and play-to-win.
Global Cryptocurrency Exchange recently announced a $2 billion venture capital fund to support Web3 development in social media, gaming, fintech, software, and healthcare.