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FTX Europe Becomes First Exchange to Receive Crypto License in Dubai

The exchange will also set up a regional headquarters in Dubai.

Dubai Skyline (Shutterstock)
Dubai Skyline (Shutterstock)

FTX Europe, the newly established European unit of crypto exchange FTX, became the first firm to receive a license to operate a crypto exchange and trading house in Dubai.

  • With the license the exchange will be able to trial crypto derivatives for institutional investors. The license comes a week after Dubai announced the creation of Virtual Asset Regulatory Authority (VARA), which will be responsible for governing the crypto sector.
  • The independent authority will "oversee the development of the best business environment in the world for virtual assets in terms of regulation, licensing, governance, and in line with local and global financial systems," Sheikh Mohammed bin Rashid Al Maktoum tweeted when the news came out.
  • “FTX receiving this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world,” FTX CEO Sam Bankman-Fried said in a press release on Tuesday.
  • Earlier this week, FTX rival Binance received a license to operate in Bahrain effectively expanding its middle eastern presence. Binance is also reported to be in talks to obtain a Dubai license.

Read more:Binance in Talks to Obtain Dubai License Amid Middle East Push: Report

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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.

Camomile Shumba