Crypto Exchange FTX Secures First And Only Crypto License From Dubai

Cryptocurrency exchange FTX has managed to receive virtual-asset license approval in Dubai. The company is planning to open a regional headquarter in the city. FTX CEO Sam Bankman-Fried said that FTX is the first and so far only digital asset exchange to secure a license from Dubai.

After Europe FTX aims to operate from Dubai

Earlier this month, FTX announced its establishment in Europe after receiving permission from the Cyprus Financial Market Regulator CySEC. FTX receiving a digital asset license approval in Dubai is an addition to the company’s global expansion after the establishment of FTX Europe. The FTX aims to offer ‘complex crypto-derivatives products with centralized counterparty clearing to institutional markets, said CEO Sam Bankman.

As per reports, FTX’s valuation has surged to $32 billion after it raised $400 million in funding at the beginning of this year. This was the company’s third fundraiser in the past year.

Binance secures license from Bahrain

However, FTX’s competitor Binance has also announced that it has been granted the first global crypto-asset provider license by the Central Bank of Bahrain.

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 been managed to become the third-largest crypto market in the Middle East. The Country’s crypto-free policies have attracted many crypto and fintech companies.