FTX to Enter UK’s Spot Crypto Market

Crypto derivatives exchange FTX is currently in talks with UK regulators as part of its expansion plans in the European market, The Block has reported.

According to the head of FTX Europe Patrick Gruhn, the company is taking a “relatively cautious approach” in consultations with the Financial Conduct Authority (FCA). For this reason, it will not share any timeline regarding the launch of services in the country. He has said:

“We are looking to bring spot trading into the UK right now but it’s quite difficult. We want to have a dialogue with the FCA first because the FCA seems to be relatively suspicious regarding crypto.”

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We should remember that the UK started to ban crypto derivatives in the country in January, and these investment instruments are actually the exchange’s main offering, which is the reason why the platform has focused on the spot market instead.

FTX established its European division this month. Whereas the headquarters of the company is located in Switzerland, the regional office is in Cyprus, where it has received a license from the country’s financial regulator.

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