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News24.com | FTX recently sought Swiss trading licence but failed – report




Former FTX CEO Sam Bankman-Fried (Getty Images)

Former FTX CEO Sam Bankman-Fried (Getty Images)

FTX Europe, the regional branch of the crypto exchange now in bankruptcy proceedings, unsuccessfully sought a trading licence in Switzerland, NZZ reported on Sunday, citing people close to the situation it didn’t name.

FTX Europe, based in Pfäffikon near Zurich, had applied to Swiss banking regulator Finma for a license for a so-called “organized trading system” which was declined recently, the paper reported. It didn’t give reasons for why the application failed.

Finma declined to comment, citing policy on applications, the paper reported, and it was impossible to reach FTX Europe, which has now shut down. 

FTX Trading Ltd. and about 100 affiliated companies are starting a strategic review of global assets as a part of the Chapter 11 bankruptcy process.

The Swiss government had actively encouraged the development of a cryptofinance hub in and around the city of Zug, which embraced the moniker “Cryptovalley.” 

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