Global cryptocurrency exchange FTX Trading has expanded its presence into Europe and the Middle East with the establishment of FTX Europe, marking the next phase of its global expansion.
FTX’s products and services will be offered to European clients through the new company via a licensed investment firm with passportable licenses across the European economic area.
A range of cryptocurrency products will be able to be traded by users in these regions, powered by FTX’s trading technology and digital asset offerings.
“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,” said Sam Bankman-Fried, chief executive and founder of FTX.
“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.”
Headquartered in Switzerland, with an additional regional headquarter in Cyprus, FTX Europe plans to allocate resources towards developing working relationships with the appropriate regulatory authorities.
The Cyprus Financial Market Regulator CySEC has already granted FTX Europe approval.
“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 through a regulated investment firm.”
FTX’s expansion into Europe follows a Series C funding round earlier this year which saw the company raise $400 million. As a result of the fundraise, FTX increased its valuation to $32 billion.