FTX Receives Full Cryptocurrency Exchange License in Dubai

FTX Receives Full Cryptocurrency Exchange License in Dubai

FTX received full crypto exchange license in Dubai

A subsidiary of FTX has received a license from the Dubai Virtual Assets Regulatory Authority (VARA) to provide digital currency exchange and clearing services.

According to a press release published by Zawya, FTX Exchange FZE became the first holder of a permanent VARA cryptocurrency license under the MVP program. In March, FTX received temporary regulatory clearance immediately after the establishment of the agency.

Full VARA approval will allow the exchange to offer regulated trading in crypto derivatives and digital assets to qualified investors in the MENA region. The permit also gives the ability to provide custodial services, operate an NFT marketplace, and act as a clearing house.

Commenting to Reuters, FTX Regional Director Balsam Danhah noted:

«Our license extends to retail customers as well, however we will expand gradually to ensure we are approaching the mass market in line with VARA» guidelines.

< p>The Dubai subdivision of the exchange is part of the structure of the European branch of FTX Europe.

Recall that Binance, OKX and Huobi exchanges also received temporary licenses from the regulator of the emirate.

Read ForkLog bitcoin news in our Telegram — cryptocurrency news, rates and analytics.