After receiving authorization from Cyprus’ financial regulators, trading behemoth FTX confirmed on Monday that it would broaden its business operations in Europe.
The enterprise will begin providing its products to European clients through a licensed investment company with valid credentials across the European Economic Area, and Switzerland will be the base of operations as confirmed in a press release.
Founder and CEO Sam Bankman-Fried stated that “as we continue to grow, we are constantly looking at opportunities to become appropriately licensed and regulated in every market we enter.” He went on to say that the team will be working with regulators in a number of European countries to ensure that individuals can trade cryptocurrencies in a safe and protected space.
The move to expand comes after a big fundraising round in January when FTX exchange raised $400 million in a Series C round that placed it at $32 billion. About four months prior, the FTX US branch confirmed raising $8 billion in a funding round, and FTX received $25 billion in funding a week later.
Following increasing its user base to 1 million and indicating intentions to go after popular crypto exchanges, including Robinhood by enabling its native stock trading function, FTX’s US operation has caught the eye of the financial press.
The marketing spending has surely had a major impact on the recent successful milestones of the US branch.
FTX.US is the exclusive cryptocurrency exchange of Major League Baseball. In addition, the naming rights to the Miami Heat stadium are also held by the enterprise.