Crypto exchange FTX Europe eyes UK expansion

Just less than a month after it secured approval from Cyprus’ financial market regulator CySEC, FTX Europe is already getting ready to implement the next phase of its expansion plans in the region. The Switzerland headquartered crypto exchange revealed that it is exploring the possibility of expanding in the U.K.

In fact, the crypto exchange has already initiated talks with the Financial Conduct Authority (FCA), U.K.’s regulatory body. “We are looking into the U.K. and thinking about expanding into the U.K. and we are just starting discussions with the FCA,” FTX Europe head Patrick Gruhn told CoinDesk on Tuesday.

FTX has been busy expanding its global presence lately. Just two weeks ago, the crypto exchange became the first crypto firm to receive a license to trade in Dubai. The company also formed a new unit in Australia earlier in March, according to Seeking Alpha.

The U.K. is considered to be a global hub for crypto and is home to a number of crypto firms. The government is bent on keeping the crypto space safe for consumers and has tasked the FCA at regulating the sector.

The regulator required crypto firms operating in the U.K. to be fully registered by March 31, 2022. More than 100 firms have already registered to be supervised by the FCA but only 33 have been granted full approval.

With the deadline fast approaching, some of the applicants have decided to back out. For instance, the crypto payments app Wirex withdrew from the temporary registration regime.

The FCA recently extended its registration deadline for some crypto firms to attain full registration, according to Coindesk. “The Temporary Registration Regime (TRR) will close on 1 April, for all but for a small number of firms where it is strictly necessary to continue to have temporary registration,” the regulator said in an update.

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