Recently the crypto exchange has completed approval formalities from financial regulators and is now available for European crypto users
One of the leading crypto exchanges in the crypto industry, FTX, is going to launch its new affiliate in Europe that goes with the name FTX Europe. FTX announced on Monday that it is ready to expand its empire in Europe after getting approval from CySec, the financial regulator of the middle eastern island country, Cyprus.
Some indications are also that the latest push of crypto exchange firms will include disruption in Middle east countries. However, the names of the countries have not been disclosed yet. The newly launched affiliated entity will be headquartered in Switzerland. Original FTX crypto exchange will have this as its second affiliate after FTX US, its American affiliate, launched in May 2019.
Founder and CEO of FTX, Sam Bankman Fried, said that FTX is continuing to grow on the European expansion. It is constantly looking at the opportunities for becoming appropriately licensed so that it can regulate in every market they enter. Sam further said that they will be interacting with various regulations in different counties across the European continent and will continue to avail people of safe and secure environments to trade crypto.
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Patrick Gruhn will lead FTX Europe, which partners at Crypto Lawyers LLC, a Swiss legal firm. His LinkedIn profile shows his law firm partner details which are yet to indicate his new role as FTX European affiliate head.
Patrick said on FTX Europe expansion that now Europeans will be able to use and take advantage of best in class services of FTX’s trading platform to invest in a huge variety and wide range of cryptocurrencies and digital asset derivatives through a regulated investment firm.
Europe’s expansion of FTX is yet another achievement of crypto exchange firm as it received a funding of $400 million in Series C round in January. After receiving the fund, the total valuation of the crypto exchange operator went up to $32 billion, which was just four months ago, standing at $25 billion that too with the addition of $8 billion, which the American affiliate of FTX raised in the funding round.
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Source: https://www.thecoinrepublic.com/2022/03/27/crypto-exchange-is-making-moves-to-expand-in-europe/