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Galaxy Digital Expands into Europe Amidst US Crypto Regulatory Challenges

Galaxy Digital is setting its sights on expansion in Europe as it seeks more favorable regulatory environments following a crackdown by US regulators. The group has appointed Leon Marshall, a former executive at crypto broker Genesis, as its inaugural Head of Europe, with the goal of establishing a regional presence in London, while competitors withdraw amid a prolonged digital asset market downturn, a report by the Financial Times said.

Marshall emphasized that the progress made in Europe in terms of creating legal frameworks for trading digital assets played a pivotal role in their decision. The European Union’s recent enactment of the comprehensive Mica crypto regulation, aimed at safeguarding the industry and investor interests, stands as a prime example. Additionally, the UK, under Prime Minister Rishi Sunak’s leadership, is actively competing to become a hub for cryptocurrency activity.

This approach contrasts starkly with the United States, where crypto regulations remain fragmented, and regulatory bodies have aggressively pursued charges against major exchanges like Binance and Coinbase. Marshall commented, “The European market demand that we’re seeing, combined with the regulatory framework established by Mica, is robust. That makes Europe a desirable destination for crypto firms to build and grow.”

Galaxy Digital, headquartered in New York and led by US billionaire Mike Novogratz, is expanding at a time when the cryptocurrency market has been struggling to recover from a loss of trust, exacerbated by the collapse of Sam Bankman-Fried’s FTX exchange last year. Token prices and trading volumes have declined, and the sector has faced numerous enforcement actions by US authorities.

Marshall, who joined Galaxy in June, sees this as a unique opportunity, stating, “We’ve seen a lot of competitors exit the space, and that’s offered a unique opportunity for us.” He is actively seeking to recruit personnel across Galaxy’s investment banking, asset management, crypto lending, and derivatives divisions.


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