One of the largest crypto exchanges in the world has finally made its global expansion move by deploying in Europe.
Following the approval by the Cyprus Securities and Exchange Commission (CySEC), FTX will be able to offer all of its products and services to European citizens and work with regulators to operate within certain countries.
With headquarters in Switzerland and a regional HQ in Cyprus where financial firms have to meet strict regulatory norms, FTX Europe will be able to give crypto derivative services across the region.
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Based on the official report, the CEO of FTX Sam Bankman-Fried spoke on the expansion in the European market, stating:
"We're excited to launch our European operations in a regulated fashion to better serve those within the continent. 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."
Likewise, the Head of FTX Europe Patrick Gruhn talked on the matter, highlighting the importance of the CySEC welcoming FTX to become the "best-in-class trading platform to invest in a wide range of cryptocurrencies derivatives through a regulated firm."
Earlier in January, the President of FTX US Brett Harrison hinted at the company’s expansion into other continents after being valued at $8 billion.
