FTX Goes Live in the UAE
- FTX has maintained an active presence in the crypto space, acquiring embattled firms and acting as a “saviour” of the market.
- The company’s arrival in Dubai opens it up to the budding crypto market in the Middle East.
- FTX said its services in the UAE would be offered by the FTX Exchange, its European and Middle East division.
Cryptocurrency trading platform FTX has announced that it is officially live in the UAE. FTX plans to expand its services and client base as the first licensed exchange in the region. The Gulf Emirate has been pushing to expand its digital assets sector, so the arrival of the Bankman-Fried-led company signifies a win in that direction.
The UAE, especially Dubai, has become a renowned crypto-friendly zone over the last few months. As a result, the city has attracted crypto service providers seeking to leverage its warm policies. FTX said its services would be offered by FTX Exchange as its Middle East divisions.
According to previous reports, the platform will start by offering trading services to institutional investors in Dubai and regulated crypto derivatives products. In addition, the crypto exchange will also operate a non-fungible token marketplace and offer custodial services.
In an interview with Reuters, Balsam Danhach, Head of Operations at FTX MENA, revealed that the company’s license had been expanded to retail customers. However, Balsam noted that getting to retail customers “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).”
Dubai presents FTX with a strategic location to conduct business in the Middle East. With Europe taking regulatory measures, the Middle East has become the most likely destination for crypto projects. Patrick Gruhn, head of FTX Europe, praised Dubai for its crypto-focused policies and for allowing the digital asset platform to operate in its region. Patrick was quoted as saying,
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.
FTX has been on an expansion spree since the year began. The crypto service provider has announced several initiatives geared at expanding its reach. In January, the company established FTX Ventures, a $2 billion venture fund, to finance new initiatives involving digital assets. A few weeks later, the trading platform completed a Series C fundraising round, raising $400 million, taking its total valuation to $32 billion.
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