FTX, a cryptocurrency exchange headquartered in the Bahamas, announced on Friday that it has received a full regulatory approval to operate its exchange and clearing house in Dubai, a city and emirate in the United Arab Emirates (UAE).
With the approval, the Bahamas-based company said it will begin offering regulated crypto derivatives products and trading services to institutional investors in Dubai as well as operating a nonfungible token marketplace and providing custodial services to retail users in the UAE.
Balsam Danhach, head of FTX Middle East and North Africa, talked about the development and said: "Our license expands to retail customers as well, however, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority (Dubai's sector regulator)."
The exchange stated that the services would be provided by FTX Exchange FZE, a subsidiary of FTX's division for Europe and the Middle East.
In March...
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