FTX, a large cryptocurrency exchange, has announced that it has secured a virtual-asset license in Dubai and will establish a regional office there.
FTX Europe, a subsidiary operating in Europe and the Middle East, is one of the Dubai World Trade Centre’s cornerstone tenants. According to CEO Sam Bankman-Fried, the company will offer “complex crypto-derivatives products with centralised counterparty clearing to institutional markets”
Binance also holds a crypto license in Dubai under the same procedure, according to a person familiar with the issue.
The UAE is attempting to recruit some of the world’s largest crypto and fintech firms. According to Chainalysis statistics as of June 2021, the UAE has the third-largest crypto market in the region, after only Turkey and Lebanon.
Mr Patrick Gruhn, head of FTX Europe, said in the 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,”
After obtaining $400 million in a Series C fundraising round announced in January, the company’s valuation surpassed US$32 billion (S$43.7 billion).
FTX, which was founded over three years ago, has grown to become one of the world’s top crypto exchanges, thanks in part to marketing such as a Super Bowl ad. It is attempting to recruit institutional clients through the establishment of a new unit.
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