FTX Derivatives Exchange Secures License from Cyprus to Operate in Europe

FTX Derivatives Exchange is expanding its products and offerings into Europe through a license it has secured from the Cyprus Financial Market Regulator CySEC through its ftx.com/eu domain.

As announced by the trading platform, FTX Europe has commenced its full operations and is on track to offer products and services as the global FTX platform offers. As the company confirmed, the products that will be offered through FTX Europe will be offered through a licensed investment firm with passportable licenses across the European economic area.

“We’re excited to launch our European operations in a regulated fashion to better serve those within the continent,” Sam Bankman-Fried, CEO & Founder of FTX. “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.”

The FTX Europe operations will be headquartered in Switzerland, however, the exchange said it will also operate a regional outlet in Cyprus. While it is bound to operate from these two regions, the trading platform has plans to maintain the right relationships with regional regulators.

“We’re excited to bring FTX’s innovative offerings to the European markets and that CySEC officially approved our domain,” said Patrick Gruhn, Head of FTX Europe, “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.”

Broadening all the Base

It is not uncommon to find trading platforms broadening their bases in a bid to grow their reach across the board. The move by FTX to expand into the European markets is in tandem with its ambitions and the move is powered by the funding the firm has been securing in the past year.

While coming off as one of the exchanges that pulled the biggest funding last year, TheCoinRise reported earlier this year that FTX topped the $32 billion valuation following a $400 million funding secured from both old and new investors.

Beyond FTX, other trading platforms are exploring avenues to broaden their basis, and in line with that, Binance exchange has launched Bifinity, its fiat-to-crypto payment service outfit.