The world’s seventh-largest cryptocurrency exchange FTX has announced its planned expansion into Europe. In an announcement made earlier today, this move was marked as the next level in FTX’s global expansion.
The cryptocurrency exchange has always been recognized as a platform designed for trading by traders. The amount of innovative and creative products put out by FTX makes it one of the most powerful exchange platforms in operation.
FTX started its expansion strategy in 2019 with the birth of FTX.US, its affiliate company in the United States. FTX Europe is presently its second brainchild although this is not the exchanges’ first appearance in Europe. It has earlier collaborated with an investment company in Germany CM-Equity AG to produce stocks in the form of tokens.
FTX Europe has successfully secured the approval of the financial watchdog Cyprus Financial Market Regulator CySEC to offer services through its official website. The exchange is now licensed to carry out its operations in Europe and its environs.
Users of this platform in Europe and its economic areas can now buy, sell, and store digital assets at will. FTX expressed its willingness to form strong partnerships with regulatory agencies to provide secured and licensed services to the users.
FTX intends to place Patrick Gruhn as lead for FTX Europe. Patrick is currently a Partner at a legal firm at Swiss, Crypto Lawyers LLC. In a statement by Gruhn, he reiterated the benefits of the platform to users announcing that a variety of crypto products via an undisclosed investment firm will be made accessible.
FTX Awaits Regulatory Agencies Verdicts
The crypto exchange firm has refused for its expansion to be limited by the delayed regulation of crypto assets by the European Parliament. The proposed regulation draft that had been up for a vote was suspended after there was a leak of the suspected ‘ban on cryptocurrencies’ draft.
If it had succeeded, the passage of the draft would have led to a dialogue between European Union Council and European Commission to deliberate on policies, strategies, and processes involving the adoption and distribution of cryptocurrencies. FTX Europe is still open-minded to adhere to whatever the regulatory bodies decide as it affects its firm.