Crypto exchange FTX has begun negotiations with UK regulators as part of its expansion plans in the European market, FTX Europe head, Patrick Gruhn, has said.
He has said that the company is taking a “relatively cautious approach” in consultations with the Financial Conduct Authority (FCA) and could not provide any timeline for launching services in the country. He has added:
“We aim to introduce spot trading in the UK as soon as possible, but it is quite difficult. We first want to discuss this with the FCA due to its relatively suspicious attitude towards cryptocurrencies.”
In January, a ban on crypto derivatives, which make up the exchange’s main offering, came into effect in the country, so the platform targeted the spot market.
FTX established a European division in March 2022.