So far, FTX has primarily gained traction as an exchange targeted toward American users — and in January, its U.S. arm was valued at $8 billion following a $400 million funding round.
FTX has announced that it is branching out into Europe and the Middle East after receiving approval from a regulator in Cyprus.
The exchange is planning to offer its services to customers throughout the continent, and headquarters have been established in Switzerland.
So far, FTX has primarily gained traction as an exchange targeted toward American users — and in January, its U.S. arm was valued at $8 billion following a $400 million funding round.
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Setting out the company's next steps, FTX's CEO and founder Sam Bankman-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."
In a news release, the company added that Cyprus is a "highly reputed jurisdiction for investment firms" that unlocks access to the European Union. The green light from the Cyprus Financial Market Regulator for the ftx.com/eu domain will allow it to offer derivative services, options and volatility products, as well as tokenized stocks.
