Cryptocurrency stock market giant FTX said its European division has received a license to operate as an investment firm in the region.
The Southern Cyprus Securities and Exchange Commission has granted FTX an investment firm license, according to a statement released on Thursday.
According to FTX’s Statement, The Company Will Be The First Cryptocurrency Exchange To Provide A Complete Exchange Service
According to the company, this license requires FTX Europe to meet standards set out in the European Union’s MiFID II directive, such as custody and protection of client funds, business transparency and capital adequacy.
The Southern Cyprus license will enable FTX to serve the entire European Economic Area, which includes the EU, Iceland, Liechtenstein and Norway. FTX says it’s the only cryptocurrency exchange that provides a full suite of exchange services under a full MiFID II license.
“Obtaining this license in the European Union is an important step towards achieving our goal of becoming one of the most regulated exchanges in the world,” FTX CEO Sam Bankman-Fried said in a statement.
FTX launched its European division in March. FTX Europe is headquartered in Switzerland and has subsidiaries in Dubai and Southern Cyprus, and these subsidiaries serve the European Economic Area.
Patrick Gruhn, president of FTX Europe, said in an interview in March that FTX’s target is the best in the region. bitcoin and said it was to be a cryptocurrency exchange. He stated at the time that the company was planning an ambitious marketing program that included paid social media ads and sponsorship of music festivals.
*Not investment advice.
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