FTX secures licence in Dubai

The cryptocurrency exchange FTX has obtained a licence in Dubai and plans to open a headquarters in the emirate. Bloomberg reports.

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— FTX (@FTX_Official) March 14, 2022

The previously FTX Europe unit will become ‘a key participant in the Dubai World Trade Centre (DWTC),’ the company said.

The platform will offer ‘comprehensive derivatives with centralized clearing for the institutional market,’ clarified FTX CEO Sam Bankman-Fried.

According to the publication, the owner of the cryptocurrency licence in the emirate also became the Bitcoin exchange Binance. The information about the platform’s plans emerged in tandem with Dubai authorities’ approval of cryptocurrency regulation.

Trading of digital assets at the DWTC had become available earlier.

“The confidence and trust that Dubai guarantees through its commitment to obligations allows FTX to safely execute its scaling strategy with the aim of becoming the first provider of services in the virtual assets space to enter global markets in a fully regulated form,” said Patrick Grun, head of FTX Europe.

In October, media reported that the founder of Binance Changpeng Zhao bought property in the emirate and speculated about opening the exchange’s headquarters.