FTX crypto exchange wins license in Dubai to open local headquarters

Major planetary cryptocurrency speech FTX is expanding operations successful the United Arab Emirates by receiving a virtual plus licence successful Dubai.

The licence is seemingly granted nether a new cryptocurrency instrumentality adopted past week successful Dubai, with Dubai Virtual Asset Regulatory Authority (VARA) becoming a large crypto regulator successful the Emirate’s peculiar improvement and escaped zones.

According to FTX laminitis and CEO Sam Bankman-Fried, FTX has received the “first and truthful acold only” integer speech licence from Dubai.

Binance has besides obtained a crypto licence successful Dubai nether the aforesaid program, according to a study by Bloomberg. The world's largest crypto speech by trading volumes was reportedly working to person an operational licence successful Dubai past week.

— SBF (@SBF_FTX) March 15, 2022

As portion of its propulsion successful Dubai, FTX plans to found a determination office successful the metropolis and connection crypto derivatives products with centralized counterparty clearing to organization investors, Bankman-Fried said.

FTX’s European and Middle Eastern part FTX Europe is among anchors successful the Dubai World Trade Centre, which became a broad zone and regulator of cryptocurrencies, products and operators successful December 2021. As antecedently reported, Binance was among the archetypal crypto exchanges to articulation a caller crypto hub established by the Dubai World Trade Centre Authority past year.

“The certainty and credibility that Dubai assures successful its adherence to these commitments allows FTX to safely prosecute its wide strategy of scaling towards becoming the archetypal virtual-asset work supplier to participate planetary markets successful a afloat regulated manner,” FTX Europe caput Patrick Gruhn said.

Related: Binance awarded Bahrain crypto work supplier license

Cointelegraph reached retired to Binance, FTX and Dubai authorities for further accusation but didn't person immoderate comments astatine the clip of publica

The UAE emerged arsenic 1 the most crypto-friendly countries arsenic authorities successful its superior metropolis of Dubai person been ramping up the efforts to alteration the crypto industry’s development. As antecedently reported, UAE regulators came up with aggregate arrangements to allow crypto trading in respective escaped economical zones successful Dubai past year.