FTX crypto exchange obtains Cyprus license to operate in Europe

FTX, one of the largest cryptocurrency exchange platforms globally, is venturing towards the European market. The European market has recorded a spike in crypto trading activities over the past year, and some of the leading exchanges have already announced their move into the region.

FTX will be moving towards the European market after receiving approval from the Cyprus financial market regulator.

FTX moving to Europe

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FTX issued a press release on this business move, saying that the exchange will offer cryptocurrency products to European clients. It will offer these products through a licensed investment firm with passportable licenses across different European countries. FTX will open its new headquarters for the European market in Switzerland.

The CEO and co-founder of FTX, Sam Bankman-Fried, commented on this move, saying,

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.

Growth of FTX

The FTX cryptocurrency exchange has recorded significant growth over the past year. This year, the exchange giant has already seen significant growth. In January, it announced a $400 million Series C funding round that increased the exchange’s valuation to $32 billion. Four months prior, the exchange had raised another funding at a $25 billion valuation.

FTX.US, FTX’s subsidiary exchange in the US, has also recorded significant growth. The exchange announced raising funding at a valuation of $8 billion. FTX.US has been on a steady growth streak. Its user base has grown to 1 million within a short time. It now poses as one of the largest competitors for the US market, and its plans to launch a stock trading feature could see it compete with exchanges such as Robinhood.

One of the reasons behind FTX’s growth is the marketing budget. FTX.US purchased the naming rights of the Miami Heat Stadium, now known as the FTX Arena. It is also the official cryptocurrency exchange for Major League Baseball.