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It was announced on Thursday that the European branch of leading cryptocurrency exchange FTX, FTX EU has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to operate as a Cyprus Investment Firm (CIF), allowing the company to fully own a previously acquired local investment firm.
With the Cyprus Investment Company License, the European division of the Sam Bankman-Fried crypto exchange can serve the entire European Economic Area.
The Cyprus Investment Company license granted by CySEC requires FTX EU to comply with European Directive 2014/65/EU on strict financial standards on the market in financial instruments (commonly referred to as the “MiFID II” framework), which includes segregation and protection of client funds, full transparency of operations ample capital control. FTX is the first cryptocurrency exchange in the world to offer a full suite of exchange services under a full MiFID II license.
Cyprus is a highly regarded jurisdiction for investment companies, offering regulated companies access, also known as a “passport”, to the entire European Economic Area, which includes EU member states, Iceland, Liechtenstein and Norway. FTX Europe currently provides FTX leading products and services to European clients through a licensed investment firm with passable licenses throughout the European Economic Area.
Head of FTX Europe, Patrick Gruhn, said:
“After launching our European operations earlier this year we’re excited to receive approval from the regulators in Cyprus. Operating under this license will further our goal of being a European entity regulated to the highest standard. We look forward to continuing our productive relationship with CySEC as we continue to expand our European offerings.”
Sam Bankman-Fried, CEO & Founder of FTX, commented on the importance of compliance for his firm:
“Securing this license in the European Union is an important step in achieving our goal of becoming one of the most regulated exchanges in the world. We are continuing to work with CySEC and regulators across the globe to be the leader in the digital asset industry when it comes to meeting the financial standards that are expected of traditional financial institutions.”