Cryptocurrency exchange FTX announced its transatlantic expansion today by establishing its FTX Europe unit. The move into European and Middle Eastern markets comes two years after FTX first opened its main United States entity.
The global crypto derivatives and spot exchange made the announcement after it secured approval to operate in the region from the Cyprus Financial Market Regulator (CySEC).
The newly established ‘FTX Europe‘ will offer European clients access to FTX products, including crypto derivatives, options, volatility products, tokenized stocks, as well as other products and services.
According to Sam Bankman-Fried, CEO and founder of FTX, the European unit of FTX will be interacting with regulators in various countries across Europe to provide a secure environment for digital currency trading to its users.
"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. FTX Europe will operate through an investment firm licensed to operate across the European Economic Area. The area consists of 30 members, including all EU member countries, Iceland, Liechtenstein and Norway.
The FTX Europe division will be located in Switzerland with an additional regional headquarters operating in Cyprus and will be led by Patrick Gruhn.
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