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FTX expands itself, establishes a European Unit

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  • Crypto exchange FTX has taken a step forward by expanding itself to Europe. 
  • They will be interacting with regulators in several European countries to provide a safe and secure environment for people to trade in the asset class, says CEO of FTX, Sam Bankman-Fried.
  • This European unit is headquartered in Switzerland and is approved by Cyprus Financial Market Regulator CySEC. 

The significant Cryptocurrency exchange FTX has recently announced that it is now expanding itself to Europe by establishing a unit in the country and extending its presence into Europe and the Middle East. 

This came after two years of launching FTX U.S. It has set up a European equivalent that is licensed in Cyprus. The company has got approval from the Cyprus Financial Market Regulator CySEC via its domain. 

The European Unit plans to offer products and services to the European Economic Area via an unidentified investment firm with a license to operate across the region. Users in the region would be facilitated to trade various cryptocurrencies powered by the industry-leading trading technology and digital asset offerings of FTX.

According to the CEO of FTX, Sam Bankman-Fried, they are excited to launch their European operations in a regulated manner to serve those in the continent. And as they continue to grow, they are continuously looking for opportunities to become properly licensed and regulated in every market. And that they will be interacting with regulators in various European countries, facilitating people to trade crypto in a safe and secure environment. 

According to Patrick Gruhn, Head of FTX Europe, Europeans would now be able to utilize FTX’s best-in-class trading platform to invest in a wide range of crypto derivatives via a regulated investment firm. 

This new division is headquartered in Switzerland with an extended base in Cyprus. Cyprus is a highly reputed jurisdiction for Investments firms and facilitates regulated firms’ access to the European economic area. And this approval of FTX’s domain by the Cyprus CySEC sets a new benchmark for Crypto Exchanges in Europe. 

Apparently, FTX European is the crypto exchange’s European equivalent of FTX U.S. which was launched for American users in the year 2020 and has become a prominent crypto exchange. 

ALSO READ: Crypto relief effort for Ukraine in collaboration with FTX

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