Crypto Exchange FTX Establishes Presence in Europe & the Middle East
- FTX Europe will offer crypto products and services to Europe and the Middle East.
- The company will be headquartered in Switzerland.
- FTX Europe’s approval from CySEC sets a new standard for Cryptocurrency Exchanges in Europe.
The world’s third-biggest cryptocurrency exchange FTX shared its next venture in its global expansion plan. The company launched ‘FTX Europe’ and announced its plans concerning the same in a press release today.
FTX Enters Europe
Not too long ago, FTX acquired Liquid, a Japanese cryptocurrency exchange, to expand its operations into Japan. And today, the exchange has also stepped into Europe and the Middle East with ‘FTX Europe.’
FTX is set to bring its range of leading products and services to its European clients through this single company.
Although the company will be headquartered in Switzerland, its regional headquarters in Cyprus will play a more significant role.
To expand into the Middle East, it was essential for FTX to get regulatory approval from CySEC.
Being an EU member state, Cyprus Securities and Exchange Commission (CySEC) complies with European MiFID financial harmonization law.
Commenting on the same, Patrick Gruhn, Head of FTX Europe, stated,
“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. (sic)”
CySEC’s approval is paramount because the regulatory body is responsible for access to the European Economic Area. Thus, CySEC’s authorization for FTX Europe set a new record for crypto exchanges in Europe.
FTX Continues Expansion
The crypto exchange has stretched its presence both geographically and in terms of technology and services.
As FXEmpire reported last month, FTX announced its gaming unit. FTX would use this firm to encourage mainstream gaming developers and publishers to adopt NFTs and crypto-assets.
In January, the company also went through a funding round to raise about $400 million. This funding placed the total valuation of the company at $32 billion.
But as FTX continues to impress investors, its token FTT is on a streak of disappointment. After recovering by 16.11% at the end of February, the altcoin came back down 14.52% this week.
Since the broader market continues to beat down on all cryptocurrencies, FTT has also dropped to $39.52 from $46.28.