Through a subsidiary, the business will establish a headquarters in Dubai to provide exchange and clearinghouse services for bitcoin and cryptocurrencies.
The FTX exchange has been granted permission to offer exchange and clearinghouse services in Dubai.
In the city, the business will establish a regional headquarters.
FTX’s subsidiary in Europe and the Middle East will enable product offers in the area.
According to Reuters, FTX, a cryptocurrency exchange established in the Bahamas, has been granted permission to operate as an exchange and clearinghouse in Dubai.
The exchange will start by only serving institutional investors in Dubai by operating a digital asset marketplace, providing custodial services, and enabling trading services for bitcoin and other cryptocurrencies. It will also provide derivatives access.
“Our license expands to retail customers as well,” said Balsam Danhach, head of FTX Middle East and North Africa, according to the report. “However, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority (Dubai’s sector regulator).
FTX Exchange FZE, a subsidiary of FTX operating in the European and Middle Eastern markets, will manage the cryptocurrency services offered in Dubai.
FTX gained preliminary clearance in March after agreeing to establish a regional headquarters in Dubai. The same interim approval was given earlier this week to institutional bitcoin custodian Komainu, a unit of Japanese financial behemoth Nomura. As the area works to become a digital assets powerhouse, the business will also establish a headquarters in Dubai.
