The crypto powerhouse did not have until early March. FTX announced its presence in Europe and the Middle East through the newly formed company FTX Europe and MENA advance – we inform. Now for the next bang: According to an official press release, FTX has received a license to establish and operate a virtual asset (VA) exchange in Dubai. FTX Founder and CEO Sam Bankman-Fried (SBF) welcomed this on Twitter (see tweet).
The new CEO of FTX Europe, Patrick Gruhn, was also delighted with the approval:
It is a great achievement for FTX to be the first exchange to be licensed under this unique regulatory framework. I look forward to expanding our presence in the MENA region as countries like the United Arab Emirates continue to set new standards in crypto regulation.
Patrick Gruhn, Director of FTX Europe in a press release
Binance also gets approval
the crypto giant binance it had already received the licenses as a crypto service provider in Bahrain on March 14. Binance CEO Changpeng “CZ” Zhao proudly tweeted on Twitter using the hashtag #TeamBahrain that Binance has received an official license from the Central Bank of Bahrain (see below). Furthermore, he reported Bloomberg citing a trusted source that the exchange has also received a license as an anchor company at the Dubai World Trade Center. The cryptocurrency giant already had in December 2021 announced that it will join a new crypto center created by the Dubai World Trade Center Authority (DWTCA) was released. As part of this deal, Binance wants to help the authority make Dubai a more attractive place for the crypto industry.
On track to become a crypto stronghold
Just last week they had Dubai Virtual Assets Regulatory Authority (VARA) launched a new cryptocurrency regulation law. This was announced by Sheikh Mohammed bin Rashid Al Maktoum, current Prime Minister of the United Arab Emirates, on Twitter (see below).
VARA is a purpose-built regulator responsible for supervising virtual assets in Dubai. Companies trading virtual assets must establish a presence in Dubai under the new regulation. In the lead up to the announcement, rumors were circulating that the United Arab Emirates wanted to reposition itself in terms of crypto, BTC-ECHO reported.
Dubai port of refuge?
However, the news of the two cryptocurrency giants has a somewhat bland aftertaste. Just a few days ago, the news agency Reuters exclusively reported that many very wealthy Russians would head to Dubai as a safe haven for their wealth to escape sanctions imposed on Russia and its oligarchs. It is said that the preferred escape object is real estate in Dubai. A local real estate agent whose business partnered with a cryptocurrency service told Reuters: “We have seen a lot of Russians and even Belarusians coming to Dubai, bringing whatever they can, including cryptocurrencies.” In addition, an employee Haley Consultants confirmed to the news outlet that many would take advantage of the relatively loose crypto regulatory framework to move assets there. Even if the renewed focus on Dubai and company has a somewhat bland aftertaste, it should be mentioned that Binance, for example, recently signaled its support for the sanctions regime against Russia, reported BTC-ECHO.
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