Today, FTX Trading Limited (FTX) has announced the creation of FTX Europe, expanding the crypto-exchange’s presence in Europe and the Middle East. The new company is based in Switzerland and has received approval from Cyprus’ financial market regulator, CySEC.
FTX Europe: the expanding cryptocurrency exchange
The new FTX Europe has received approval for its launch from CySEC, Cyprus’ financial market regulator. The announcement was made just a few hours ago by parent company FTX Trading Limited as it pursues its expansion strategy.
In practice, FTX Europe is based in Switzerland with additional regional offices in Cyprus and will provide the same services as FTX to European countries and the Middle East.
FTX’s products and services for traders, will be offered through the licensed investment firm which holds a passport across the European Economic Area, connecting the cryptocurrency world with the appropriate territory’s regulators.
In this regard, Sam Bankman-Fried, CEO and founder of FTX, commented:
“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”.
The third position for FTX Trading Limited
FTX Europe is that platform that executes FTX Trading Limited’s expansion strategy into Europe and the Middle East. The company will devote significant resources to develop a strong working relationship with the appropriate regulatory authorities.
In this regard, Patrick Gruhn, Head of FTX Europe also commented:
“We’re excited to bring FTX’s innovative offerings to the European markets and that CySEC officially approved our domain. 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”.
According to CoinMarketCap data, the parent crypto-exchange, FTX Trading Limited is right behind the more popular Binance and Coinbase, outperforming Kraken and KuCoin in the spot category.
Not only that, in the derivatives category, FTX ranks among the top 10 crypto-exchanges, exactly seventh.
Sponsorships and popularity of the crypto-exchange
FTX was also the first official crypto partner of the Mercedes AMG Petronas F1 Team. In a multi-season deal, announced in September 2021, the FTX logo will be featured on the team’s drivers’ cars and overalls.
The announcement was shared directly on Twitter by the Mercedes Petronas account:
Welcome to the Team, @FTX_Official 👊
An exciting new partnership with the leading crypto exchange, for the remainder of 2021 and beyond 👏 pic.twitter.com/ON6GOHA1VQ
— Mercedes-AMG PETRONAS F1 Team (@MercedesAMGF1) September 23, 2021
“Welcome to the Team, @FTX_Official. An exciting new partnership with the leading crypto exchange, for the remainder of 2021 and beyond”.
Furthermore, last summer 2021, the famous American footballer and 7-time Super Bowl champion Tom Brady and his partner Gisele Bündchen also became testimonials for FTX.
Tom Brady is well established in the crypto world, also famous for Autograph, his famous NFT marketplace.