Two years after opening up in the U.S., cryptocurrency exchange FTX continues to expand internationally! The company announced today that after setting up shop across the pond with its new European unit, it has decided to also enter the Middle Eastern markets with the launch of a crypto exchange and trading house in Dubai.
The announcement comes a week after the United Arab Emirates (UAE), a hub to some of the world’s top financial institutions, approved “the virtual assets law and established the Dubai Virtual Assets Regulatory Authority (VARA)”, which will be responsible for governing the crypto sector. The announcement also follows FTX’s license approval from the UAE government to establish and operate its virtual asset exchange services in Dubai.
The exchange, which will also set up a regional headquarter in Dubai, will allow clients to have access to a variety of exciting products including crypto futures, options, tokenized stocks, as well as other products and services.
“FTX receiving this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world,” FTX CEO, Sam Bankman-Fried said in a press release on Tuesday, noting that FTX plans to “continue playing a lead role in advancing the digital asset industry in countries that provide a robust regulatory framework, while also operating with the highest security, risk, and investor protection standards.”
Earlier this week, FTX’s rival Binance received a crypto-asset license to operate in Bahrain, the first for a global crypto-asset provider in the GCC. Binance is also reportedly in discussions to obtain a virtual asset service provider license to operate in Dubai.