Cryptocurrency exchange FTX announces its expansion into Europe and the Middle East


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After approval by the Cypriot financial authority, CySec, the European FTX will begin serving users across the continent.

Marketing material posted by FTX indicates that its latest move will include the Middle East, with no further details on which countries FTX will include.

It is worth noting that FTX had previously launched a branch in the United States of America “FTX US” in May 2019.

Sam Bankman-Fried, founder and CEO of FTX, said of the European expansion:

As we continue to grow, we are constantly looking for opportunities to become appropriately licensed and regulated in every market we enter.

We aspire to interact with regulators in various countries across Europe to continue providing a safe and secure environment for people to trade cryptocurrency.

Patrick Groen will lead the European FTX platform and is also a partner at Swiss law firm Crypto Lawyers LLC, according to his profile onLinkedIn.

Groen’s profile has yet to indicate his new role as head of the European branch.

Grun commented on the expansion news by saying:

Europeans will now be able to use the best-in-class FTX platform to invest in a wide range of crypto-derivatives.

FTX and Europe:

This is not the first time that the FTX cryptocurrency exchange is located in Europe.

In 2020, FTX announced a partnership with CM-Equity AG, a German investment firm, to begin providing tokenized stock trading in cryptocurrencies on the platform.

The marketing materials indicate that besides regulatory approval in Cyprus, European FTX is also able to offer its services – thanks to a partnership with an undisclosed licensed investment firm – throughout Europe.

Read also:

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An old bitcoin wallet holding 407 bitcoins is active again…details here

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