FTX Goes Live in the UAE, Becoming the Country’s First Licensed Cryptocurrency Exchange

InfoNesia.xyz – Popular Bahamian cryptocurrency exchange platform FTX has launched operations in the United Arabs Emirates.

Bankman-Fried’s FTX Begins Operations in UAE

Having obtained a license in July, FTX, a popular digital asset exchange based in the Bahamas, announced the opening of its operation in the United Arabs Emirates on the 31st of October 2022. According to a recent tweet, FTX is officially UAE’s first licensed crypto exchange firm, and the first cryptocurrency exchange to launch its services in the UAE.

Declaring the new feat late yesterday evening, FTX stated that its team is excited to expand operations in the UAE. FTX tweeted;

“FTX is officially live in the UAE! As the first licensed crypto exchange in the UAE, we’re super excited to expand our operations and grow FTX’s presence in the region.”

With its expansions in the UAE, FTX can now offer crypto derivatives, products and trading services, a nonfungible token marketplace, and custodial services to institutional investors in Dubai. According to a recent press release, the crypto exchange firm will be serving the United Arabs Emirates via the FTX Exchange FZE, a subsidiary of FTX’s Europe and Middle East division. As one of the leading global crypto exchanges aiming at global prominence, FTX believes the expansion will aid it in gaining more ground in markets outside the United States and Europe.

An Effort to Advance the Global Adoption of Crypto

As you may remember, earlier this year, in July, FTX gained approval to enter Dubai’s “Minimum Viable Product” (MVP) program for the virtual assets regime. The program, which falls under the jurisdiction of the Virtual Asset Regulatory Authority of Dubai (VARA), enables establishment and regulation of digital projects and organizations in the UAE. Having gained acceptance, FTX is now set to begin operations.

Over time, Sam Bankman-Fried (SBF), CEO of FTX, has emphasized his commitment to the global adoption of cryptocurrency exchange. Speaking on the new expansions, Bankman-Fried said:

“Our mission is to lead the way in growing the digital asset industry in countries and jurisdictions that possess a robust digital asset framework.”

The launch of FTX in Dubai marks the second in a row for the Bahamas-based exchange. To achieve global adoption, FTX also launched the European domain of its platform in Cyprus in March of this year, extending its products and services in the European Union through an unidentified investment company.

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