FTX Europe starts in Switzerland; Emphasis on compliance with legal regulations
The global expansion of FTX receives the official approval with a Europe -wide license
founder and CEO Sam Bankman-Fried turned 30 on Sunday and has a net assets of around $ 22 billion, Forbes
estimates
The global crypto spot and appointment exchange FTX brings its European activities under a new company roof. According to a statement published on Monday, FTX Europe will allow the company's products and services to be delivered to European customers via a licensed investment company, which is supervised by the Cypriot Financial Market Authorization (CYSEC).
As a member of the European Union, licenses granted by the Republic of Cyprus are passable, i.e. h. They apply in the entire European economic area - the Iceland, Liechtenstein and Norway, but excludes Switzerland.
FTX Europe currently has its headquarters in Switzerland, it says in the explanation, but has a regional headquarters in Cyprus, which has been a member of the European Union since 2004 and has had access to the economic and monetary union in 2008.
Patrick Gruhn, Head of FTX Europe, was previously Chief Legal Officer at Digital ASSES AG, a German company that completed the tokenization process for CM equity, a securities bank based in Germany that contributed to offering traditional stock trading for FTX customers outside the USA.
European customers are currently served by the International FTX.com, but the new company will enable FTX to align themselves with Europe's regulatory apparatus.
The FTX founder comes into the fourth decade
Sam Bankman-Fried, The Forbes has called the "richest 29 year olds in the world", who was his assets last 22.5 billion Dollar estimated, celebrated its 30th birthday on Sunday.
In a television appearance on CNBC, he commented on the use of crypto to help citizens of countries with unstable currencies.
"We often see an increase in the activity of digital assets when there is economic unrest in an area. I think Russia itself is almost an exception, since the applicable sanctions have made it difficult for people to access digital assets and everything else."
The potential use of cryptoassets for bypass sanctions was a hot political topic, especially in Washington DC
Bankman-Fried, which in December testified in front of the House of Representatives committee on cryptor regulation on the whole, was a co-author of a fundamental document published on Friday, 4 that outlines instruments to maintain compliance with sanctions. In it, he and the US President of FTX, Brett Harrison, came to the conclusion that crypto cannot be used effectively to avoid sanctions due to the need for crypto exchanges as FIAT and exit ramps.
This conclusion is not only based on the KYC and AML regulations of the stock exchanges, but also on the use of "advanced dynamic on-chain risk analysis and transaction monitoring tools such as Chainalysis and TRM Labs that help to identify cryptocurrency transfers that are illegal or sinked by known." In the guideline document.
Besides, the two argue, the transparency of open, public blockchains excludes their use to the extent that would be necessary by the Russian government to circumvent international sanctions.
Harrison and Bankman-Fried marveled at the fact that cryptoassets were donated to the Ukrainian government and aid organizations that use crypto rails.
Bankman-Fried regularly praises the advantages of philanthropy and has announced that it will donate almost his entire personal income for charitable purposes.
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The Post Ftx Europe starts in Switzerland; The emphasis on compliance with legal regulations is not a financial advice.
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