Crypto exchange FTX announced in a tweet on its official Twitter account about a big step forward, where they shared a Bloomberg article under the title “Crypto Exchange FTX Wins License, Plans Regional HQ in Dubai”.
As the United Arab Emirates is becoming an attraction to many businesses, including the blockchain industry and its sectors, Binance had the edge of being the first crypto exchange to get the license in Dubai as they opened their office in Dubai not so long ago.
In other related news, FTX had already expanded its presence into Europe and the Middle East headquartered in Switzerland, with a regional headquarter in Cyprus. FTX Europe was responsible for their existence in the EU and the Middle East in general.
The Dubai Headquarter is there to push the company forward with its plans of becoming a virtual-asset service provider. The head of FTX Europe, Patrick Gruhn, explained saying:
The certainty and credibility that Dubai assures in its adherence to these commitments allows 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,
The UAE is now the third largest crypto market in the Arab region, following Turkey and Lebanon, according to data compiled by Chainalysis of June 2021. This fact makes Dubai a great opening to the Arab world and MENA region.
FTX has also announced, back in January, it reached a $32 billion valuation after raising $400 million in a Series C round. It has successfully become one of the largest crypto exchanges after only 3 years of its first start.