FTX becomes the first licensed crypto exchange in Dubai

The European crypto exchange FTX becomes the first crypto exchange to win the license to open regional headquarters in the country. The virtual license was granted under the new crypto laws by Dubai Virtual Asset Regulatory Authority (VARA), the crypto regulator in the entire Emirate and free zones.

FTX is one of the well-known crypto exchanges with an average of $10 billion trading volume every day and it has $1 million users all over the world. 

FTX wins license in Dubai:

FTX, the European crypto exchange has expanded its services into Europe as well as the Middle East as it wins the license to become the first licensed crypto exchange in Dubai. Department of Economy and Tourism Dubai (DET) announced on Twitter.

FTX is looking forward to establish regional headquarters in Dubai, FTX CEO Sam Bankman-Fried say that  the firm will offer “complex crypto-derivatives products with centralized counterparty clearing to institutional markets,”

According to Helal Saeed Al Marri, director-general of the DWTCA, the crypto industry is an accelerator for the global economy.

Binance, the world’s largest crypto exchange and an FTX rival is also in talks to get the same license in Dubai, according to a report by Bloomberg.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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