FTX’s Mifid licence exposes Europe’s regulatory gaps

Could Cyprus have spotted the warning signs before handing FTX the keys to European customers?

It’s an aphorism favoured by business gurus and military types: a team is only as strong as its weakest member. The saying could also apply to the European Union and its financial markets regulatory regime, after Cypriot authorities granted an operating licence to a subsidiary of now-collapsed cryptocurrency exchange FTX.

The Cyprus Securities and Exchange Commission withdrew the licence on the same day that FTX filed for bankruptcy in the US, yet the episode raises awkward questions over how

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