Cryptocurrency exchange FTX has managed to obtain the license for virtual assets in Dubai. The company plans to open a regional headquarters in the city. FTX CEO Sam Bankman-Fried said FTX is the first and so far only digital asset exchange to be licensed from Dubai.
After Europe, FTX wants to operate from Dubai
Earlier this month, FTX announced its establishment in Europe after receiving approval from CySEC, the CySEC financial markets regulator. FTX’s receipt of a digital asset license in Dubai complements the company’s global expansion following the founding of FTX Europe. The FTX aims to “offer complex crypto derivative products with centralized counterparty clearing to institutional markets,” said CEO Sam Bankman.
Really excited to receive Dubai’s first (and so far only) digital asset exchange license!
Add to list: https://t.co/50ELyIX1cd https://t.co/1jEkTz52qS
— SBF (@SBF_FTX) March 15, 2022
According to reports, FTX’s valuation has risen to $32 billion after it raised $400 million in funding early this year. This was the company’s third fundraiser in the past year.
Binance obtains license from Bahrain
However, FTX’s competitor Binance has also announced that it has been awarded the first global crypto asset provider license from the Central Bank of Bahrain.
Bahrain’s license is a milestone in our journey to fully licensed and regulated around the world, Binance CEO Changpeng Zhao said in a statement.
#Binance has obtained a crypto asset service provider license from the Central Bank of Bahrain (CBB).https://t.co/mgRrEpbCSl
— Binance (@binance) March 14, 2022
Developing regulations that are aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices, said Rasheed Al Maraj, Governor, Central Bank of Bahrain
The United Arab Emirates has managed to become the third largest crypto market in the Middle East. The country’s crypto-free policy has attracted many crypto and fintech companies.
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About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analyses. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
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