Cryptocurrency exchange FTX has been granted a virtual-asset license in Dubai. The company intends to open a regional headquarters in the city. According to FTX CEO Sam Bankman-Fried, FTX is the first and so far only digital asset exchange to have a Dubai license.
After Europe FTX intends to operate from Dubai.
After getting clearance from the Cyprus Financial Market Regulator, CySEC, FTX announced its arrival in Europe earlier this month. The company’s global expansion continues with the approval of a digital asset license in Dubai, following the establishment of FTX Europe. The FTX aims to provide institutional markets with “complex crypto-derivatives products with centralized counterparty clearing.” said Sam Bankman.
FTX’s market capitalization has risen to $32 billion since it raised $400 million in fundraising at the start of this year, according to reports This was the company’s third fundraising event in the past year.
Bahrain grants Binance a license.
However, FTX’s competitor Binance has also announced that the Central Bank of Bahrain has granted it the first global crypto-asset provider license.
The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world, said Changpeng Zhao, CEO of Binance in a statement
Developing regulations 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 Middle East’s third-largest crypto market. Many crypto and fintech companies have flocked to the country because of its crypto-friendly legislation.