FTX, which has earned a reputation as a prominent cryptocurrency exchange confirmed that it has decided to pursue its expansion strategy. FTX revealed that it is going to establish FTX Europe. The establishment of FTX Europe indicates the next phase of the Company's global expansion, by expanding its presence into Europe and the Middle East.
FTX Europe is based in Switzerland, with a regional office in Cyprus. In addition, the Company will devote significant resources to establishing a solid business relationship with the relevant regulatory agencies. Cyprus is a well-known investment location that grants regulated firms access to the whole European Economic Area.
The Cyprus CySEC's authorization of FTX's domain to provide derivative services to European users also establishes a new benchmark for Cryptocurrency Exchanges in Europe. Furthermore, FTX Europe will now offer FTX's outstanding products and services to European clients through a licensed investment business with passportable licenses within the European Economic Area.
Moreover, FTX's industry-leading trading technology and digital asset services will allow users in these regions to trade a variety of bitcoin goods. FTX stated that as it expands, it is always on the lookout for ways to get properly registered and regulated in every area it enters. It is working with regulators in several European countries to ensure that individuals may trade cryptocurrency in a safe and secure environment.
Patrick Gruhn, Head of FTX Europe stated that the exchange is thrilled to deliver FTX's innovative solutions to European markets, as well as the fact that our domain has been officially recognized by CySEC. Europeans will now be able to participate in a wide range of cryptocurrency derivatives through a regulated investment business using FTX's best-in-class trading platform.