Following approval from Cypriot financial regulator CySec, FTX Europe will begin serving users across the continent. Marketing materials also say the exchange’s latest push will include the Middle East, though it’s unclear which countries that would include.
It is the second subsidiary of the original FTX crypto exchange. Its US subsidiary, FTX US, was launched in May 2019.
“As we continue to grow, we are constantly looking for opportunities to obtain proper licensing and regulation in each market we enter. We will engage with regulators in various countries across Europe to continue to provide a safe and secure environment for people to trade crypto,” FTX Founder and CEO Sam Bankman-Fried said of the European expansion. .
FTX Europe will be led by Patrick Gruhn, who is also a partner at Swiss law firm Crypto Lawyers LLC, according to LinkedIn. Gruhn’s profile does not yet indicate his new role at the head of the European subsidiary.
“Europeans will now be able to use FTX’s best trading platform to invest in a wide range of cryptocurrency derivatives through a regulated investment firm,” Gruhn said of today’s news.
FTX and Europe
This is not the first time the crypto exchange has gained traction in Europe.
In 2020, the crypto exchange announced a partnership with CM-Equity AG, a German investment firm, to start providing tokenized stock trading on the platform.
3) FTX has partnered with CM-Equity AG to provide stock trading.
CM-Equity is a regulated German financial institution. It has licenses allowing it to offer these products to customers.
All FTX clients who trade stocks must also become CM-Equity clients.
The Munich-based company is a white-label solution that provides KYC services, compliance standards, subject stock custody, among other solutions to the crypto exchange. The service is ongoing and includes popular stocks like Apple, Tesla, Google, Facebook and others.
Marketing materials indicate that in addition to regulatory approval in Cyprus, FTXEurope is also able to provide its services through a partnership with an undisclosed licensed investment firm “with passportable licenses in the European Economic Area”.
Decrypt reached out to CM-Equity and FTX to find out if CM-Equity is also involved in the launch of FTX Europe. We’ll update this article when we get back to you.