FTX exchange confirms setting up regional HQ in Dubai, wins license
Prominent cryptocurrency exchange, FTX, will be setting up headquarters in Dubai, as per a recent report from Bloomberg, marking another major victory for the exchange. It is important to note that recently, Binance had also signed an agreement with Dubai World Trade Centre and it seems that the nation is gradually becoming a crypto hub.
FTX wins regulatory approval
Following the launching of FTX Europe, a division that is set to operate in the European region, the exchange is now set to expand in the Middle East. Furthermore, the European division is one of the anchors of the Dubai World Trade Center. As stated by Chief Executive Officer Sam Bankman-Fried, the exchange will provide "complex crypto-derivatives products with centralized counterparty clearing to institutional markets."The head of FTX Europe, Patrick Gruhn, said in a statement:
The certainty and credibility that Dubai assures in its adherence to these commitments allow FTX to safely pursue its overall strategy of scaling towards becoming the first virtual-asset service provider to enter global markets in a fully regulated manner.The exchange which was founded nearly 3 years ago, has become one of the biggest and most prominent names in the crypto industry. It seems that the expansion of FTX will continue in the near future as well.
Dubai's involvement
It seems that Dubai is attracting a lot of crypto-based firms and service providers to the nation. Recently, Binance got a similar deal from Dubai it is also important to note that FTX is also setting up headquarters in the nation. As per Bloomberg, the United Arab Emirates plans to become a crypto hub.On the other hand, it is also a fact that Dubai has introduced a new crypto law in the nation followed by a new regulator for the crypto industry. The prime minister and ruler of the UAE, Sheikh Al Maktoum confirmed the establishment of a new crypto law, as per a previous report from Cryptonary.
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