FTX exchange has come a long way since its inception in May 2019. Founded by Sam Bankman-Fried, the exchange provides spot trading for over 250-plus cryptocurrencies and 300 market pairs. Fried has always been a visionary. Fried has eyed the global expansion of his cryptocurrency exchange services for quite a while.
FTX has also turned out to be one of the most robust firms that safely rode the “crypto winter” wave. It has also ended up as a last resort for several firms that were financially struggling to survive.
In one of the latest announcements, FTX unveils that it is super excited to expand its operations and services in the UAE.
FTX to expand its services in the UAE
With this new presence, the FTX exchange will provide its services to cryptocurrency enthusiasts in the UAE region. The UAE is trying to establish itself as a crypto hub. With its flexible cryptocurrency regulatory framework, it is attracting several cryptocurrency firms. Cryptocurrency exchanges including Binance, Kraken, and Crypto.com already provide their services in the nation.
On July 29, 2022, FZE (FTX) declared that it had been given full regulatory approval to participate in Dubai’s “Minimum Viable Product” (MVP) program for virtual assets. The region’s cryptocurrency regulator, the Virtual Asset Regulatory Authority, was in charge of this approval (VARA).
The cryptocurrency exchange subsequently became one of the first Virtual Asset Service Providers (VASP) to be granted this MVP license, allowing it to run its virtual asset (VA) exchange and clearing house services in Dubai, United Arab Emirates.
The announcement comes as a follow-up to news that FTX is planning to launch its own stablecoin. Fried announced the decision in one of his recent interviews. He also spoke about his acquisition spree, stating that it has aided in stabilizing the cryptocurrency markets. Fried also stated that it will assist FTX in establishing a broader and stronger presence in the United States.