FTX Announces Launch of Europe and Middle East Division

7 March 2022, 13:45 GMT+0000
Updated by Kyle Baird
7 March 2022, 13:45 GMT+0000
In Brief
  • FTX expands service and products to Europe.
  • The exchange has received a CySEC approval to conduct business in Europe and Middle East.
  • FTX, which launched three years ago, is now more valuable than Twitter, Nasdaq, and Deutsche Bank.
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The seventh-biggest crypto exchange has established FTX Europe after receiving a license from regulators in Cyprus.

The new business will be headquartered in Switzerland with a regional office in Cyprus. The issuing of a Cyprus Securities and Exchange Commission (CySEC) license means the exchange will be able to offer regulated crypto investment products across the European Economic Area (EEA).

FTX CEO Sam Bakman-Fried said: “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 news comes after the company announced a $400 million Series C funding round in January, which pushed its valuation to $32 billion. The exchange, which launched three years ago, is now more valuable than Twitter, Nasdaq, and Deutsche Bank.

FTX Europe plans to bring products including derivatives, options, volatility products, tokenized stocks, and other services to clients, but it is as yet unclear which Middle Eastern countries will be targeted.

Exchange spends a fortune on marketing

Like many of its competitors, FTX has spent a great deal on marketing in recent months. The company owns the naming rights to the Miami Heat stadium, and it is the official crypto exchange of Major League Baseball.

They have also moved deeper into e-sports stadiums, with plans to launch a blockchain-powered gaming unit.

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The exchange also took part in efforts to raise funds for Ukraine by partnering with Everstake in the creation of the “Aid for Ukraine DAO.” The fund has to date managed to raise an estimated $7 million by selling a simple NFT of the Ukrainian flag.

Last month, FTX acquired Japanese crypto exchange Liquid and its subsidiaries as a way of navigating the country’s notoriously complex financial regulations.