FTX Trading Limited, the world’s leading cryptocurrency exchange, today announced the formation of FTX Europe, expanding its presence in Europe.
According to the press release, FTX Europe is currently headquartered in Switzerland with a regional headquarters in Cyprus. In addition, the company is allocating significant resources to building strong working relationships with the relevant regulatory authorities.
FTX Europe is the European and Middle East division of FTX in Switzerland. Through FTX Europe, traders and investors in the European Economic Area can access FTX’s products, including derivatives, options, volatility products, tokenized stocks, and other services.
FTX Europe will begin offering FTX’s products and services to European clients through a licensed investment firm with passport-able licenses across the European economic area.
In a Twitter post, the CEO of the decentralized finance money lending platform,BlockFi, Zac Prince, announced, somewhat surprisingly, that his company had secured a$250 million line of credit from cryptocurrency exchange FTX.
The deal will help BlockFi
Today @BlockFi signed a term sheet with @FTX_Official to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength.
— Zac Prince (@BlockFiZac) June 21, 2022
The deal will allow BlockFi to access capital at a time when, according to some experts, its financial situation was becoming very complicated.
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.”
FTX Europe is currently headquartered in Switzerland, with an additional regional headquarter in Cyprus. Additionally, the Company will be devoting significant resources towards developing a strong working relationship with the appropriate regulatory authorities.
Patrick Gruhn, Head of FTX Europe, concluded, “We’re excited to bring FTX’s innovative offerings to the European markets and that CySEC officially approved our domain.
Global cryptocurrency exchange FTX Trading Limited has announced that it has received a regulatory license to offer crypto products in Europe. The crypto exchange says it received approval from the Cyprus Financial Market Regulator, CySEC. As a result, users within the European economic areas can trade different crypto products on the FTX Europe trading platform.
The new entity, FTX Europe, has its regional headquarters in Cyprus but has its main headquarters in Switzerland.
The firm says the goal is to expand its crypto products and services in Europe and the Middle East.
FTX To Enable Secure Trading In Europe
Head of FTX Europe, Patrick Gruhn, stated that the company is excited with the opportunity to expand its offerings in Europe following the licensing.
TX’s products and services for traders, will be offered through the licensed investment firm which holds a passport across the European Economic Area, connecting the cryptocurrency world with the appropriate territory’s regulators.
In this regard,Sam Bankman-Fried,CEO and founder of FTX, commented:
“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”.
The third position for FTX Trading Limited
FTX Europe is that platform that executes FTX Trading Limited’s expansion strategy into Europe and the Middle East.
The company will devote significant resources to develop a strong working relationship with the appropriate regulatory authorities.
In this regard,Patrick Gruhn, Head of FTX Europe also commented:
“We’re excited to bring FTX’s innovative offerings to the European markets and that CySEC officially approved our domain. Europeans will now be able to use FTX’s best-in-class trading platform to invest in a wide range of cryptocurrencies derivatives thru a regulated investment firm”.
According to CoinMarketCapdata, the parent crypto-exchange,FTX Trading Limited is right behind the more popular Binance and Coinbase, outperforming Kraken and KuCoin in thespot category.
Not only that,in the derivatives category, FTX ranks among the top 10 crypto-exchanges, exactly seventh.
European investors and traders can now use FTX’s best-in-class trading platform to invest in different crypto derivatives.
Chief Executive Officer of FTX, Sam Bankman-Fried, also commented on the development. “We’re excited to launch our European operations in a regulated fashion to better serve those within the continent,” he said.
Bankman-Fried added that the crypto exchange is always looking for an opportunity for growth and expansion of its products to more markets. He added that the company will cooperate with regulators in various jurisdictions in Europe to make sure that it follows the regulatory requirements. FTX wants to provide the right environment for traders to safely and securely trade crypto in the European market.
FTX Also Expands To Asian Market
FTX Trading was launched as a crypto derivatives exchange.
CEO Sam Bankman-Friedstated that the credit line granted will allow BlockFi to “navigate the market from a position of strength”.
1) Today we’re injecting $250m into BlockFi and partnering with them so they can navigate the market from a position of strength.https://t.co/nocsdi0GLF
— SBF (@SBF_FTX) June 21, 2022
In his announcement of the credit line obtained by the exchange, Prince also hinted, not too veiledly, that this fact could open the door to a future partnership between the two companies.
“This agreement also unlocks future collaboration and innovation between BlockFi & FTX as we work to accelerate prosperity worldwide through crypto financial services”
he said on Twitter.
FTX last March openedFTX Europe, based inSwitzerland, to expand its business to Europe and the Middle East.
Sponsorships and popularity of the crypto-exchange
FTX was also the first official crypto partner of the Mercedes AMG Petronas F1 Team. In a multi-seasondeal, announced in September 2021, the FTX logo will be featured on the team’s drivers’ cars and overalls.
The announcement was shared directly on Twitter by the Mercedes Petronas account:
Welcome to the Team, @FTX_Official 👊
An exciting new partnership with the leading crypto exchange, for the remainder of 2021 and beyond 👏 pic.twitter.com/ON6GOHA1VQ
— Mercedes-AMG PETRONAS F1 Team (@MercedesAMGF1) September 23, 2021
“Welcome to the Team, @FTX_Official.
CEO & Founder of FTX, commented on the news, “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.”
FTX Europe is currently headquartered in Switzerland, with an additional regional headquarter in Cyprus.
Additionally, the Company will be devoting significant resources towards developing a strong working relationship with the appropriate regulatory authorities.
Patrick Gruhn, Head of FTX Europe, concluded, “We’re excited to bring FTX’s innovative offerings to the European markets and that CySEC officially approved our domain.
Global cryptocurrency exchange FTX Trading Limited has launched a business in Switzerland and is now offering a variety of cryptocurrency products. Its European arm has already received approval from some financial market regulators and is planning further expansion.
FTX is one of the leading cryptocurrency exchanges and is expanding its presence to Europe and the Middle East. FTX Europe is currently headquartered in Switzerland, with an additional regional headquarters in Cyprus.
The company has already received approval from the Cyprus Securities and Exchange Commission (CySEC), the financial markets regulator.
