FTX, a major crypto exchange, announces getting a virtual-asset license in Dubai and will create a regional headquarters in the city, according to a report by Bloomberg on Tuesday.

  • FTX Europe, a unit operating in Europe and the Middle East, is one of the pillars of cryptocurrencies in the Dubai World Trade Centre.
  • Sam Bankman-Fried, Chief Executive Officer, stated that the company will provide complex crypto-derivatives products with centralized counterparty clearing into the institutional markets.
  • Binance also obtained a crypto license in Dubai, subject to the same program. The United Arab Emirates is looking to attract one of the biggest crypto and fintech companies. 
  • The UAE is the third-largest crypto market in the region, following Turkey and Lebanon.
  • Patrick Gruhn, head of FTX Europe, stated that there is certainty and credibility on Dubai’s commitments to allow FTX to pursue its overall strategy of scaling towards becoming the first virtual-asset service provider.

FTX’s market value hit $32 billion after raising $400 million in a Series C round reported in January. BTC USD down -2.29%