Nikolas Sargeant
Leading cryptocurrency exchange FTX received a provisional license from Dubai’s Virtual Asset Regulatory Authority (VARA), allowing the company to deploy its regulated crypto products in the MENA (the Middle East and North Africa) region.
FTX Expands Into MENA
FTX exchange FZE, the first Virtual Asset Service Provider, is the first to receive the MVP license to operate its Virtual Asset Exchange and Clearing House services in Dubai. The announcement came from FZE’s parent company FTX Europe, allowing the company to set up as a Cyprus Investment Firm (CIF). The Cypris Securities and Exchange Commission (CySEC) awarded the license, allowing the company to fully own the local investment firm it previously required.
The Chairman of the Board of FZE says that the approval is a huge boost to FTX’s international growth, stating, “This is an important milestone for FTX that will help consolidate the company’s position as a leader in the international crypto exchange market.” The crypto firm has been actively expanding its operations in Europe and beyond.
FTX has already received a provisional license from the VARA, enabling it to deploy crypto products and services to Qualified Institutional Investors across the MENA region. The license FTX acquired also grants them the right to operate an NFT marketplace and provide Custodial Services for specific consumers, giving them vital protection and security in the market.
What About The Cyprus License?
FTX EU can now operate in the whole European Economic area, making FTX the only crypto exchange in the world to provide a full suite of exchange services under a full MiFID II license.
Head of FTX Europe, Patrick Gruhn, commented on the approval, “After launching our European operations earlier this year we’re excited to receive approval from the regulators in Cyprus. Operating under this license will further our goal of being a European entity regulated to the highest standard. We look forward to continuing our productive relationship with CySEC as we continue to expand our European offerings.”
FTX EU can satisfy the rigorous standards required under European law. The company’s CEO and founder of FTX, Sam Bankman-Fried, commented, “Securing this license in the European Union is an important step in achieving our goal of becoming one of the most regulated exchanges in the world. We continue working with CySEC and regulators across the globe to be the leader in the digital asset industry when it comes to meeting the financial standards expected of traditional financial institutions.”
FTX’s progress in setting up European regulatory standards will send a message to industry rivals Binance, who share a similar ambition to become the most regulated cryptocurrency exchange.
