FTX Europe, the European subsidiary of the now-collapsed global crypto giant, sought a trading license in Switzerland but failed. Meanwhile, the entity lost its Cypriot license amid the fallout.
There is no official confirmation on FTX's attempt for a Swiss trading license, but local publication NZZ reported on it, citing anonymous people close to the situation.
Based in Pfäffikon near Zurich, FTX Europe was operating in the European Union with a Cyprus Investment Firm (CIF) license. The license was granted in September, which allowed the European arm of FTX to offer crypto derivatives to retail customers within the European Economic Area (EEA). The Cypriot license has now been suspended.
The exchange's attempt to gain an "organized trading system" from Swiss banking regulator Finma was kept out of public attention. The license would have further strengthened FTX's regulatory position, making it one of the few cryptocurrency companies with a Swiss license.