Cryptocurrency exchange FTX to start European operations

[LONDON] Cryptocurrency exchange operator FTX Trading is poised to start offering services in Europe and the Middle East, following its rapid rise to become one of the US's most prominent venues for trading digital assets.

The company said FTX Europe will offer the parent's products and services to European Union clients via a partnership with a "licenced investment firm" it didn't name.

FTX Europe will be headquartered in Switzerland, with approval to operate from the Cypriot financial regulator CySEC. The company will also have a regional base in Cyprus, it said in a statement on Monday (Mar 7).

FTX said its licence from Cyprus will allow it to provide services and a variety of cryptocurrency products across the European Economic Area via the continent's passporting regime, which allows firms to operate across borders.

Patrick Gruhn will be head of FTX Europe, according to the statement.

"As we continue to grow, we are constantly looking at opportunities to become appropriately licenced and regulated in every market we enter," FTX chief executive officer Sam Bankman-Fried said in the statement. "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." BLOOMBERG