FTX Crypto Exchange Announced Expansion Into Europe: Report

The FTX Crypto exchange annoucned expansion into Europe following the approval from the financial regulator in Cyprus, but let’s find out more about it in our latest cryptocurrency news today.

FTX will be able to service European customers now after the FTX crypto exchange announced the expansion in Europe and finally made it possible. Following the approval from the Cyprus financial regulator CySec, FTX Europe will start serving users acorss the continent, and its marketing materials also indicated that the latest push for the exchange will include the Middle East as well.
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This is the second affiliate of the original fTX exchange while its American one was launched in 2019. the CEO of FTX Sam Bankman Fried said:

“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.”

3) FTX has partnered with CM-Equity AG to provide equities trading.

CM-Equity is a regulated German financial institution. It has licenses permitting it to offer these products to customers.

All FTX customers who trade equities have to become CM-Equity customers as well.

— SBF (@SBF_FTX) October 30, 2020

FTX Europe will be led by Patrick Gruhn who is a partner at Crypto Lawyers LLC from Switzerland. His profile has yet to show how his new role as a European affiliate will play out and benefit the users of the exchange:

“Europeans will now be able to use FTX’s best-in-class trading platform to invest in a wide range of cryptocurrencies derivatives thru a regulated investment firm.”

This is not the first time that the exchange made grounds in Europe. Back in 2020, the exchange partnered with German investment firm CM-Equity AG to start providing tokenized stock trading on the platform. The company is a white-label solution whcih provides KYC services and compliance standards among other solutions for the exchange. The service is ongoing and includes equities like Google, Tesla, Facebook, and more.

The marketing materials indicate that alongside the regulatory approval in Cyrpus, FTX Europe will provide services thanks to partnerships with an investment company that has passport-able licenses across the EU economic area.

As recently reported, The FTX Foundation announced a “Future Fund” which will support various organizations that work on projects that empower the future of humanity. Among other things, these include developments in economic growth, power relations, artificial intelligence, and bio-risk safety. FTX launched a humanitarian fund that has more than a million dollars to spend on various causes which the company will be interested in funding.