FTX secures full Dubai crypto-exchange licence

A subsidiary of FTX has been licensed by Dubai’s Virtual Asset Regulation Authority (VARA) to provide exchange and clearing services for digital currencies.

According to a press release published by Zawya, FTX Exchange FZE became the first holder of a permanent cryptocurrency licence under VARA’s MVP programme. In March FTX received a temporary permit from the regulator immediately after the regulator’s establishment.

Full VARA approval will allow the exchange to offer regulated trading of crypto derivatives and digital assets to qualified investors in the MENA region. The licence also enables custody services, the operation of an NFT marketplace, and acting as a clearinghouse.

In a comment to Reuters, FTX regional director Balsam Danhakh noted:

“Our licence extends to retail clients as well, but we will expand gradually to ensure we reach the mass market in line with VARA’s guidelines.”

The Dubai unit sits within the European arm of FTX Europe.

Earlier, the emirate’s regulator also granted temporary licences to Binance, OKX and Huobi.

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