Bitcoin giant FTX wants EU citizenship

Standards FTX Europe is strengthening its presence on the European markets, by obtaining a new regulatory sesame from the Cypriot authorities.

FTX Europe obtains a MIFID II license

The regulatory conquest continues. According to a communicated On September 15, FTX Europe received the green light from the Cyprus Securities Commission (CySEC), to operate as a Cyprus Investment Firm (CIF) in the European Economic Area.

The head office of the European branch of FTX is located in Switzerland, with a subsidiary in Cyprus. FTX Europe can now offer its services to European Union countries, Iceland, Liechtenstein, Norway, under a MiFID II license.

In other words, the company can now service the European Economic Area completely legally, but it must comply with the standards that are included in the MiFID II directive of the European Union.

These regulatory provisions are intended to provide increased security to users of trading platforms. In this context, FTX Europe must in particular demonstrate a minimum of transparency in its business activities.

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Cyprus: a favorable regulatory climate for crypto companies

After launching its European division in March this yearFTX thus takes another major step towards its “aim to become one of the most regulated exchanges in the world”, as noted by the company’s CEO, Sam Bankman-Fried, in the press release.

When announcing the launch of FTX Europe, the company said that it had already obtained the approval of the Securities Commission of Cyprus, but this regulatory victory then concerned the domain name which the company could offer its services to the European market.

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Crypto companies, who want to conquer European markets, continue to use Cyprus as a regulatory gateway to the region. In August of this year, Revolut had obtained the sesame from the Cypriot authoritieswhich allows it to operate legally in the European Economic Area.

This crypto winter proved the financial strength of FTX, which continued expansion plans in different countries in the midst of bear markets, while playing the superhero to save companies in the sectorvictims of bears.

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