FTX Receives License To Operate In Europe
FTX, the world’s largest cryptocurrency exchange, announced that its European business has been granted a license to operate as an investment firm in the region.
According to a statement made on Thursday, the Cyprus Securities and Exchange Commission granted the exchange a Cyprus Investment Firm License.
According to the company, this requires FTX Europe to fulfill criteria stated in the European Union’s MiFID II rule, such as those on client money segregation and protection, corporate transparency, and capital adequacy.
The Cypriot license permits FTX to service the whole European Economic Area (EU, Iceland, Liechtenstein, and Norway). According to the exchange, it is the only cryptocurrency exchange with a complete MiFID II license that offers a full spectrum of exchange services. The CEO Sam Bankman-Fried said in the statement:
“Securing this license in the European Union is an important step in achieving our goal of becoming one of the most regulated exchanges in the world.”
In March, FTX started its European business. The headquarters of FTX Europe are in Switzerland, with operations in Dubai and Cyprus, the latter of which serves the European Economic Area.
FTX Europe’s head, Patrick Gruhn, stated that the company’s objective was to become the region’s leading crypto exchange. He stated at the time that the firm was planning an aggressive marketing campaign that would involve paid social media advertisements and festival sponsorship.
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