FTX, one of the world’s largest cryptocurrency exchanges, has become one of the first exchanges to receive an operating license from Dubai’s newly formed crypto regulator VARA.
— FTX (@FTX_Official) March 14, 2022
The news comes as rival exchange Binance also obtained a regulatory license from Middle-Eastern country Bahrain. As per a recent report by Bloomberg, the crypto firm is also in talks with Dubai regulators to receive a license.
After receiving regulatory approval, FTX also plans to establish regional headquarters in the city, the company said in the press release. Claiming to be the first crypto exchange to receive the license, founder and chief executive of FTX Sam Bankman-Fried commented:
“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. FTX receiving this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world.”
Dubai recently established a cryptocurrency regulator to issue licenses and oversee the compliance system of crypto service providers operating in the United Arab Emirates (UAE). With this, the renowned city seeks to participate in the design of this new and rapidly growing global sector,” UAE prime minister Mohammed bin Rashid Al Maktoum tweeted at the time.