FTX hopes to expand to the UK and is starting talks with regulators. It plans to dominate the European market, as hoped by Patrick Grhn, Head of FTX Europe.
FTX is taking a “pretty cautious approach” with UK regulators, the Financial Conduct Authority (FCA), and was unable to provide a timetable on when it could launch in the UK, according to FTX Europe Head Patrick Grhn. The recently launched, said in an interview on Thursday.
“We are looking to bring spot trading to the UK right now. But it is quite difficult,” Grhn said. “We want to talk to the FCA first because the FCA seems quite skeptical about crypto.”
While FTX is expanding in Europe and the Middle East, the company hasestablishThe new division, headed by Gruhn and known as FTX Europe, is FTX Europe’s main base in Switzerland. and has subsidiaries in Dubai and Cyprus serving the European Economic Area.
Gruhn, a 40-year-old German who joined FTX in September. Explaining that the UK market is difficult for FTX as its main product is crypto derivatives, which the FCA banned in January. So instead, the focus will be on spot trading products.
Gruhn also emphasized that FTX, founded by Sam Bankman-Fried in 2019, has a legal team of about 20 working to meet regulatory requests.
FTX’s aim is to become the top crypto exchange in the European region, with Gruhn admitting that the FTX brand is “really unknown” among European retail investors. But he said the company had an ambitious marketing plan. including social media advertising and music festival sponsorship. and may lead the strategysupport FTX in the United States is also used.
“The UK has taken a fairly balanced approach,” Gruhn said. But that’s just because they’re not used to it.”
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