FTX Exchange Extends Crypto Services In The UAE 

FTX, a US-based crypto exchange, has expanded its crypto services in the United Arab Emirates. The company announced the news on its Twitter account. Meanwhile, it noted that its FTX’s services are now available only for accredited institutions and qualified retail investors.

Sam Bankman-Fried, the current CEO of FTX exchange, founded the crypto exchange in 2019. Since its creation, the exchange has expanded its services outside the United States. 

In a recent announcement on Twitter, FTX Mena, the UAE branch of FTX, unveiled the company’s recent expansion in the UAE. However, the report added that there are some restrictions during its MVP (Minimum Viable Product) stage.

Therefore, its services are only available to accredited institutions and qualified retail investors. The UAE has been working to transform its region into a crypto hub. Hence, the regulatory authorities have adopted flexible crypto regulations.

The aim is to attract several crypto-based companies and tech talents to the region. Some crypto exchanges are already operating in the area. They include Crypto.com, Kraken, and Binance. 

On July 29th, FTX stated that it had received full approval to participate in Dubai’s MVP program. In addition, the country’s VARA (Virtual Asset Regulatory Authority) approved FTX’s participation in the virtual asset program.

VARA is the body in charge of regulating the crypto industry in Dubai. Afterwards, the crypto firm emerged as the first licensed VASP (Virtual Asset Service Providers) to receive the MVP license.

The MVP license allows crypto firms to operate a crypto exchange and offer other crypto services.

FTX To Launch A Stablecoin 

Further, FTX offers its clients spot trading functionality for more than 250 digital currencies and 300+ market pairs. The CEO has been talking about expanding its crypto services to more regions other than the US. 

Meanwhile, FTX was among the top crypto exchanges that did not feel the impact of the crypto winter. During the crypto winter, several exchanges laid off staff, and others stopped operations.

However, FTX became a house of refuge for bankrupt crypto firms struggling with finances. Recently, the firm acquired the assets of the bankrupt crypto lender Voyager Digital.

FTX placed a $1.4 billion bid for the crypto lender. The company won the bid.

The latest announcement comes after FTX announced its plan to launch a stablecoin. Bankman-Fried talked about the news of its stablecoin in a recent interview.

In recent interviews, the FTX CEO mentioned its recent acquisition spree. According to him, it will help to stabilize the crypto market. Besides, it will help FTX to gain a more robust and broader presence within and outside the US.