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Saturday, June 10, 2023

With CySEC approval, FTX expands to Europe

After receiving approval from the Cyprus Securities and Exchange Commission (CySEC), the global crypto derivatives and spot trading exchange FTX has expanded to Europe.

FTX Europe would offer the company’s products to European clients via a licensed investment firm throughout the European Economic Area. Swiss headquarters and a regional office in Cyprus are part of the new European venture.

The European Economic Area is accessed through Cyprus, one of the reputed jurisdictions that offer a regulated medium for financial firms. Therefore, FTX would also offer its derivative crypto products, which would be a big breakthrough, considering Binance had to shut down all crypto derivative products across Europe last year.

As part of the new venture, Bankman Fried said they will “interact with regulators across Europe to continue to provide a safe and secure environment for people to trade crypto.”

Their statement stated that a regulated launch in Europe would be crucial to their expansion in the region. The exchange will maintain interactions with regulators across Europe to build a safe and secure environment to trade cryptocurrencies. FTX did not respond to Cointelegraph’s request for comment at press time.

Global crypto exchange Coinbase, valued at $32 billion, is looking to expand its scope of services into new regions as well as fund and build nascent crypto ecosystems such as GameFi and play-to-earn.
The global crypto exchange recently announced a $2 billion venture capital fund to support development for Web3 across social, gaming, fintech, software and healthcare.

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