{"id":70586,"date":"2022-11-25T12:06:38","date_gmt":"2022-11-25T10:06:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70586"},"modified":"2025-09-08T03:10:43","modified_gmt":"2025-09-08T00:10:43","slug":"dubai-regulator-suspends-license-of-local-ftx-unit","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dubai-regulator-suspends-license-of-local-ftx-unit\/","title":{"rendered":"Dubai regulator suspends license of local FTX unit"},"content":{"rendered":"

The Dubai Virtual Asset Regulatory Authority (VARA) has suspended the license issued to FTX’s subsidiary. This is stated<\/a> on the regulator’s website.<\/p>\n

FTX Exchange FZE received approval<\/a> from VARA in July 2022. The company became the first holder of a permanent cryptocurrency licence under the MVP<\/span> programme.<\/p>\n

According to the statement, the regulator took steps before the exchange began serving local customers. It had not yet obtained the permit required to commence operations and had not opened a bank account locally. The latter is a key requirement for virtual asset service providers in the UAE.<\/p>\n

\"Dubai
Source: VARA site.<\/figcaption><\/figure>\n

Earlier, temporary licenses from the emirate’s regulator were granted to Binance, OKX<\/a> and Huobi<\/a>.<\/p>\n

In September, the media reported that VARA issued a preliminary permit<\/a> to operate the exchange and the cryptocurrency wallet operator Blockchain.com.<\/p>\n

In November, FTX Group filed for bankruptcy<\/a> protection under Chapter 11 of the U.S. Bankruptcy Code. Sam Bankman-Fried stepped down as CEO.<\/p>\n

Subsequently, the Bahamas Securities Commission blocked the assets of FTX Digital Markets<\/a> and affiliated entities, and also suspended the company’s licence in the country.<\/p>\n

Similar steps were taken against the exchange’s local subsidiaries by authorities in Cyprus<\/a> and Australia<\/a>.<\/p>\n

Read ForkLog’s Bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Dubai Virtual Asset Regulatory Authority (VARA) has suspended the license issued to FTX’s subsidiary. This was stated on the regulator’s website.<\/p>\n","protected":false},"author":1,"featured_media":70587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[272,1236],"class_list":["post-70586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dubai","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=70586"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70586\/revisions"}],"predecessor-version":[{"id":70588,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70586\/revisions\/70588"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/70587"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=70586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=70586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=70586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}