FTX Europe in Talks With British Regulators to Expand Into the UK
The country has set a March 31 deadline for crypto firms to register with the Financial Conduct Authority.
Mar 29, 2022 at 3:34 p.m. UTCUpdated May 11, 2023 at 6:00 p.m. UTC
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FTX Europe, the newly established arm of crypto exchange FTX, is wasting no time seeking to expand, and the U.K. may be its next target.
- "We are looking into the U.K. and thinking about expanding into the U.K. and we are just starting discussions with the FCA," Patrick Gruhn, head of FTX Europe, told CoinDesk on Tuesday, referring to the U.K.’s regulatory body, the Financial Conduct Authority.
- FTX Europe's headquarters are in Switzerland, and it has an additional base in Cyprus.
- Two weeks ago, it became the first crypto company to receive a license to trade in Dubai.
- The U.K. is considered to be a crypto hub by its government, but more regulation from the U.K. Treasury is expected to come out in a few weeks.
- The FCA has taken a tough stance on crypto, and is requiring crypto firms to be fully registered with it by March 31. Since 2020, more than 100 firms have registered to be supervised by the regulator but only 33 have been fully approved.
- Cryptocurrency payments app Wirex recently withdrew from the FCA temporary registration regime ahead of the March 31 deadline.
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Read more: Crypto Exchange FTX Sets Up European Unit
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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.