FTX, a crypto exchange, announced Thursday that its European division was granted a license to be an investment firm in the area. FTX claims it is the only cryptocurrency exchange that offers a complete suite of exchange services with a full MiFID II license.
FTX, a crypto exchange giant, announced that its European division was granted a license to invest in the region.
According to a statement, the Cyprus Securities and Exchange Commission granted FTX a Cyprus Investment Firm License. According to the company, this means that FTX Europe must meet the standards outlined by the European Union’s MiFID II directive. These include the segregation of client funds, capital transparency, and capital adequacy.
FTX can now operate in the whole of Europe
FTX can now serve the entire European Economic Area (EU, Iceland, Liechtenstein, Norway) thanks to the Cypriot license. FTX claims it is the only cryptocurrency exchange that offers a complete suite of exchange services with a full MiFID II licence.
Sam Bankman-Fried, CEO of FTX, stated in the statement that “Securing the license in the European Union was an important step towards achieving our goal to become one of the most regulated markets in the world.
FTX opened its European Division in March. FTX Europe has its main base in Switzerland. There are subsidiaries in Dubai, Cyprus and Cyprus that serve the European Economic Area.
Patrick Gruhn (head of FTX Europe) told The Block in a interview that FTX was striving to be the best crypto exchange in the region. At the time, Gruhn stated that the company was planning a bold marketing campaign that would include sponsorship of music festivals and paid social media ads.