After announcing its intent to establish a European branch, FTX onboarded Marcel Lötscher as its European Union strategy lead.
The development comes as the company looks to build a global liquidity venue. In a December conversation with Sam Bankman-Fried, Benzinga was told that FTX is committed to solving traditional frustrations with compliance and infrastructure at other cryptocurrency exchanges.
Now, with the addition of this new subsidiary, clients in Europe will be able to participate in the booming crypto economy. Lötscher, who was a member of the executive board of Liechtenstein's financial market regulator, will start at FTX in October.
Also Read: Tennis Star Naomi Osaka Is Now An FTX Ambassador
“We’re excited to launch our European operations in a regulated fashion to better serve those within the continent,” Bankman-Fried commented. “As we continue to grow, we are constantly looking at opportunities to become appropriately licensed and regulated in every market we enter. We’ll be interacting with regulators in various countries across Europe to continue to provide a safe and secure environment for people to trade crypto.”
FTX Europe will be headquartered in Switzerland, with an additional regional headquarters in Cyprus.
Click here to read about FTX CEO Sam Bankman-Fried talk regulation, tokenization, and building ‘a global liquidity venue’
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.