FTX Europe Gets CYSEC CIF License to Expand Service in European Economic Area

The European and Middle East division of crypto exchange FTX, FTX Europe has received approval from the Cyprus Securities and Exchange Commission (CySEC), to operate as a Cyprus investment firm (CIF) allowing the Company to fully own the local investment firm it previously acquired.

Patrick Gruhn, Head of FTX Europe, commented on the news: "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."

The Cyprus Investment Firm License granted by CySEC will require FTX EU to adhere to rigorous financial standards under European Directive 2014/65/EU on Markets in Financial Instruments (commonly known as "MiFID II" framework), which include the segregation and protection of client funds, full transparency of its business operations, and capital adequacy controls. With the Cyprus Investment Firm License, FTX EU is able to serve the whole European Economic Area. 

Sam Bankman-Fried, CEO & Founder of FTX, concluded: "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."