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Finance

FTX Europe Becomes First Exchange to Receive Crypto License in Dubai

The exchange will also set up a regional headquarters in Dubai.

By Camomile Shumba
AccessTimeIconMar 15, 2022 at 9:56 a.m. UTC
Updated May 11, 2023 at 5:58 p.m. UTC
Dubai Skyline (Shutterstock)
Dubai Skyline (Shutterstock)

FTX Europe, the newly established European unit of crypto exchange FTX, became the first firm to receive a license to operate a crypto exchange and trading house in Dubai.

  • With the license the exchange will be able to trial crypto derivatives for institutional investors. The license comes a week after Dubai announced the creation of Virtual Asset Regulatory Authority (VARA), which will be responsible for governing the crypto sector.
  • The independent authority will "oversee the development of the best business environment in the world for virtual assets in terms of regulation, licensing, governance, and in line with local and global financial systems," Sheikh Mohammed bin Rashid Al Maktoum tweeted when the news came out.
  • “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.
  • Earlier this week, FTX rival Binance received a license to operate in Bahrain effectively expanding its middle eastern presence. Binance is also reported to be in talks to obtain a Dubai license.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Camomile Shumba
    Camomile Shumba

    Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

    Follow @camomileshumba on Twitter