The parent company of FTX Exchange, a Virtual Asset Service Provider (VASP), has received clearance from the Cyprus Securities and Exchange Commission (CySEC), to operate as a Cyprus Investment Firm (CIF). This allows FTX Europe to fully own the local investment firm it previously acquired.
“This is an important milestone for FTX that will help consolidate the company’s position as a leader in the international crypto exchange market,” said Mohammad Hans Dastmaltchi, Chairman of FTX Exchange FZE, which has received MVP license to operate its virtual asset exchange and clearing house services in Dubai.
Earlier this year, FTX received a provisional license from Dubai’s Virtual Asset Regulatory Authority (VARA) that will enable the company’s VA Exchange to deploy regulated crypto derivatives products, and trading services to qualified institutional investors.
In addition, the VARA MVP Licence also grants FTX permission to act as a Clearing House, operate an NFT Marketplace, and provide custodial services under tightly prescribed parameters for a specific class of consumers.
“After launching our European operations earlier this year we’re excited to receive approval from the regulators in Cyprus,” said Patrick Gruhn, Head of FTX Europe. “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.”