FTX crypto exchange enters European markets
For this purpose, the company set up a division, FTX Europe, obtaining a special license from the financial regulator.
As reported in the FTX press release, the new unit will be headquartered in Switzerland, with a regional office in Cyprus. In fact, that is where the CySEC license has already been obtained. FTX Europe will offer customers the basic toolkit of a US crypto exchange, including derivatives.
"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." said Sam Bankman-Fried, CEO & Founder of FTX.
As a reminder, investors previously invested $400 mln in FTX. The money has been used to expand the company's activities, such as the recently announced creation of a gaming division and the launch of Visa cards that support cryptocurrencies.
Two MIT graduates, Sam Bankman-Fried and Gary Wang founded the FTX cryptocurrency exchange. Previously both were engaged in trading stocks on the stock market, but in 2019 they decided to create a new exchange concerning digital coins. In two years of operation, the company managed to raise more than $900 million (with a business estimate of $18 billion). Initially, the headquarters was located in Hong Kong, but in September 2021, it was moved to the Bahamas.
Trading volume: ~$10 billion.
Number of trading pairs (markets): 435
Legal status: registered in the Bahamas
Fiat currencies: 10 (including USD, EUR, GBR)
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