Global crypto derivatives and spot trading exchange FTX is expanding into Europe after receiving approval from the Cyprus Securities and Exchange Commission (CySEC).
The new company named FTX Europe would offer the company's leading products to European clients through an investment firm licensed throughout the European Economic Area. The new European company is based in Switzerland together with a regional headquarters in Cyprus.
Cyprus is seen as one of the renowned jurisdictions offering a regulated means for financial companies to access the European Economic Area. Therefore, FTX could also offer its derivative crypto products, which is a great development, given Binance had to shut down all crypto derivatives products last year throughout Europe.
Sam Bankman fried said his new venture will "interact with regulators in various countries across Europe to continue to provide a safe environment for people to trade crypto."
Related: FTX CEO weighs in on Bitcoin market prospects amid Ukraine crisis
The exchange claimed that its launch in Europe on a regulated basis would be key to its further expansion in the region. The exchange aims to maintain interactions with regulators in various countries in Europe to build a safe ecosystem for cryptocurrency trading. FTX did not respond to requests for comment from Cointelegraph at the time of publication.
The global crypto exchange currently valued at $32 billion, is looking to expand its reach of services to new regions, as well as fund and build nascent crypto ecosystems, including gameFi and play-to-earn.
The global crypto exchange recently announced a $2 billion venture capital fund to support Web3's development in social media, gaming, fintech, software, and healthcare.
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