FTX announces expansion into European markets

The cryptocurrency exchange FTX will expand its global footprint by entering the European market, according to a press release.

The company has created a subsidiary, FTX Europe, having obtained a license from the the Cyprus financial regulator.

“As the company continues to grow, we are constantly seeking opportunities to obtain the appropriate licenses for each market we enter,” said Sam Bankman-Fried, CEO and founder of FTX.

The headquarters of the new entity is located in Switzerland, with regional representation in Cyprus. The exchange will offer clients the FTX suite of services, including derivatives.

In January FTX raised $400 million following a Series C round. The company’s valuation reached $32 billion.

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