Blockchain.com receives provisional approval to operate in Dubai

Blockchain.com, the exchange and cryptocurrency-wallet operator, has received provisional approval to operate from Dubai’s Virtual Asset Regulatory Authority (VARA). Reuters reports.

According to the agency, the company will open an office in the region and begin recruiting staff.

A tweet reposting the news was published by Blockchain.com’s chief Peter Smith.

Great work by the team here — Dubai ✅✅🚀🚀https://t.co/8nQm8w8y3g

— Peter Smith (@OneMorePeter) September 9, 2022

The exchange’s official account also posted a message: \”Get ready, we’re coming to Dubai.\” However, at the time of writing, the запись referenced by Blockchain.com was unavailable.

Earlier, the exchange announced the layoff of about 150 employees (~25% of the total) and a reduction in top executives’ salaries. The company cited the need to offset financial losses and unfavourable market conditions.

The moves followed amid potential losses of $270 million tied to a loan to hedge fund Three Arrows Capital. The latter filed for bankruptcy.

In early July, Blockchain.com called for the liquidation of Three Arrows Capital.

Earlier, temporary licenses from the emirate’s regulator were also granted to exchanges Binance, OKX and Huobi.

In the spring, immediately after VARA’s creation, a similar licence was issued to FTX. In late July, the platform’s subsidiary became the holder of a full licence from the regulator to provide exchange and clearing services for digital currencies.

Read ForkLog’s bitcoin news in our Telegram — cryptocurrency news, prices and analysis.