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March 31 is, the deadline for FTX Europe to be able to expand its new branch to the UK.

FTX Europe negotiates with UK regulators to expand into the UK.

FTX Europe just launched a few weeks ago when FTX leader Sam Bankman-Fried received a license from the Cyprus Financial Market Authority (CySEC). Now they are also continuing to look to expand the market and the UK could be the next target. The country has set a deadline of March 31 for crypto companies to register with the Financial Conduct Authority.

The UK is considered a crypto hub by the government, but more regulations from the UK Finance Department are expected to be enacted in a few weeks.

Patrick Gruhn, head of FTX Europe said:

“We are looking into the U.K. and thinking about expanding into the U.K. and we are just starting discussions with the FCA,”

FTX Europe is headquartered in Switzerland and it has an additional facility in Cyprus. Two weeks ago, FTX became the first crypto company to receive a trading license in Dubai.

The UK already has a tentative strategy for investing in cryptocurrencies. On January 6, the FCA banned the sale of derivative products and exchange coins. The regulator considers the products unsuitable for retail consumers due to their potential for harm. Additionally, UK regulators have been vocal about the financial risks of cryptocurrencies. The UK Finance Minister, Rishi Sunak, will announce the UK government’s crypto regulatory decisions in the coming weeks.

Additionally, the UK’s FCA-licensed global digital payments platform, Wirex withdrew from TRR by March 31. Wirex will now serve UK-based customers through the company subsidiary Wirex Digital, licensed in Croatia by the local regulator HANFA. Other top crypto entities like Copper and Blockchain.com align with TRR and expect FCA approval.

Having FTX Europe accredited in the UK to carry out regulated activities will help speed up their expansion.