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 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.
Read more: Crypto Exchange FTX Sets Up European Unit
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.