Considered the only digital currency service provider to hold the license, FTX, through its European entity, has declared that it is ready to offer unique products and services to its users taking into account the applicable laws. in Cyprus. The exchange said its main responsibilities as licensee are to ensure that it segregates and safeguards client funds, provides full transparency of its trading operations and monitors capital adequacy.
“Receiving 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,” Sam Bankman-Fried, CEO and Founder of FTX, “We continue to work with CySEC and regulators around the world to lead the digital asset industry when it comes to meeting the financial standards expected of traditional financial institutions.”
The exchange pointed out that the obtained license will give it the opportunity to serve the entire European Economic Area (EEA), a major step in the global expansion of the brand.
FTX now ranks among the most versatile digital currency trading platforms with visible operations in the United States via FTX.US. The exchange before got the license to operate from CySEC in March as the company doubled down on its expansion efforts.
Recently, FTX has entered into a partnership with Busan to accelerate blockchain-driven businesses. Apart from its country partnerships, the trading platform is also known as one of the most active venture capital firms in the current Web3.0 ecosystem.
The exchange, through its VC arm, FTX Ventures, and its associate Alameda Research, has made several attempts to support crypto businesses which went bankrupt in this crypto winter. BlockFi and Voyager Digital emerge as some of the best-known names.
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