FTX, the leading exchange for crypto derivatives, has secured a complete operational license to operate its trade and clearing house in Dubai. Friday, the Digital Property Regulatory Authority (VARA) of Dubai authorized the trade.
With the new license, FTX will begin providing crypto derivatives options and trading services to institutional clients in Dubai. However, the decisions will adhere to the existing regulations governing such decisions in the emirate. In addition, the derivatives market will operate an NFT market and provide custodial services. In addition, the exchange disclosed that FTX Change FZE, a subsidiary of FTX’s Europe and Middle East division, would provide its services within the emirate.
Balsam Danhach, the chief executive officer of FTX Middle East and North Africa, stated that the new approval includes retail clients. Danhach noted that FTX wants to undergo a progressive scale-up in order to comply with the current VARA guidelines as it enters the retail sector.
Recall that the crypto derivatives industry initially obtained a partial license in Dubai in March. FTX reportedly got the license a few weeks after the Securities and Commodity Authorities in Dubai (SCA) authorized the establishment of digital asset service provider centers within the country.
FTX reportedly became the first digital exchange to obtain a partial license from Dubai authorities. The derivatives trade vowed to build its regional hub in Dubai shortly after obtaining a partial license in March.
FTX has maintained its growth effort regardless of the market conditions. Moreover, it has continued to invest in crypto businesses that have been devastated by the bear market. BlockFi, a renowned bitcoin lender, received a mouth-watering $250 million rescue from the futures market at the end of June. The crypto derivatives market apparently tried to secure a share in the crypto loan enterprise after giving the bailout.
According to Zac Prince, CEO of BlockFi, the FTX rescue consisted of both offensive and defensive strategies. Recall that the protocol experienced an increase in withdrawal requests immediately following the disclosure of the bankruptcy of another lender, Celsius.
Moreover, its quantitative agency, Alameda, contributed $500 million to Voyager Digital, a cryptocurrency trading system. Additionally, FTX co-led a financing round for the web3 protocol Aptos on Monday. The web3 protocol reportedly raised over $150 million through the investment spherical. According to reports, further round contributors include Leap Crypto, Apollo, Circle Ventures, and Griffin Gaming Partners.
