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FTX Europe in Talks With British Regulators to Expand Into the UK

FTX Europe in Talks With British Regulators to Expand Into the UK

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.

The country has set a March 31 deadline for crypto firms to register with the Financial Conduct Authority.

The country has set a March 31 deadline for crypto firms to register with the Financial Conduct Authority.

AccessTimeIconMar 29, 2022, 3:34 PM
Updated May 11, 2023, 6:00 PM

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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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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

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.


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