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Mar 15, 2022
by Jafrin Ahmed
FTX Plans Regional HQ in Dubai After Acquiring License
Major cryptocurrency exchange FTX has announced that it has been licensed to establish and operate its Virtual Asset (VA) Exchange and Clearing House services in Dubai.
FTX’s newly launched European and Middle East division has become the first digital asset exchange to obtain a license in Dubai to launch a specialized crypto derivatives platform.
The exchange will offer "complex crypto-derivatives products with centralized counterparty clearing to the institutional market," FTX chief executive Sam Bankman-Fried (SBF) said in a statement.
"FTX is proud to be the first licensee under Dubai's prudential supervision regime. It's an honor to be one of the first approved applicants in such a specialised category and we are excited to be able to introduce complex crypto-derivatives products with centralised counterparty clearing to institutional markets," SBF added.
In January, FTX touched a $32 billion valuation after raising $400 million in a Series C round.
According to data from Chainalysis, the United Arab Emirates (UAE) is the third-largest crypto market in the Middle East, just after Turkey and Lebanon.
Lately, UAE has been working towards establishing itself as a hub for digital assets with Dubai’s ruler announcing last week the creation of a regulatory and licensing authority to issue crypto licenses to businesses.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.