A new milestone has been achieved with the recent acquisition of a MiFID license within the European Union. This license was obtained through the purchase of a Cypriot Investment Firm, which received the green light from the Cyprus Securities and Exchange Commission (CySEC).
The strategic focus on the European market continues to be emphasized, as it is now a priority for expansion. With this development, the ability to offer regulated derivatives products to experienced crypto traders in select EU markets has been significantly enhanced.
The newly acquired license highlights the intent to address the increasing demand for secure trading of crypto derivatives in Europe. Further requirements are expected to be met in the upcoming months to facilitate the launch of these products within local markets.
The acquisition serves as a testament to the commitment to providing a trusted and regulated environment for sophisticated traders and investors in the cryptocurrency space, further solidifying confidence in the EU.
In terms of service offerings, advanced traders will soon have access to a diverse array of assets. The provisions will allow for the use of various collateral currencies to support trading positions. Establishing a compliant framework for derivatives products from an EU-regulated base is a clear alignment with the growth aspirations in the European market.
Consistency in expanding product offerings tailored to institutional and advanced investors has been a prominent strategy. A notable previous step in this direction was the acquisition of a UK FCA-regulated crypto futures platform, bolstering its presence in the UK market.
Additionally, a new initiative has been launched targeting clients affected by FTX. Those who qualify will benefit from fee credits that enable them to trade up to $50,000 worth of cryptocurrency without incurring trading fees. The aim is to make the transition easier for former FTX clients who are looking for ways to access their funds.
Following the selection as a partner for distributing funds to clients previously with FTX, the intention is also to reduce the costs associated with converting US dollar payouts into cryptocurrencies. Eligible clients may receive up to $105 in trading fee credits, which will be applicable on a specific trading platform once the distribution is processed.
Overall, these advancements indicate a significant shift in the capacity to deliver regulated services in the European market while addressing the evolving needs of advanced cryptocurrency traders through strategic licensing and partnerships.