FTX Gets License to Operate in Dubai
FTX License
Modified Date:- Published Date:-Categories: Cryptocurrency
FTX GetsLicense to Operate in Dubai
A branch of FTX Exchange, FTX Europe, and theMiddle East has been permitted to participate in Dubais MVP program for VirtualAssets, governed by VARA. Numerous crypto asset companies have filed for theVARA permit and have thus far been pre-approved.
FTX SecuresA Permanent License to Operate in Dubai, UAE
By receiving the MVP license to run its Virtual AssetExchange and Clearing House services in Dubai, FTX has successfully establisheditself as the first Virtual Asset Service Provider (VASP). FTX plans to testcomplicated crypto derivatives for skilled corporate investors in the UAE.During this phase, it also sought and received a temporary permit earlier in2022.
According to Balsam Danhach, CEO of FTX Middle East and North Africa,their license stretches to retail consumers too. But it’llbe a slow scale-up to guarantee that they get to the retail market within therules provided by the VARA. It stated that FTX Exchange FZE would provide theservices.
Even as other regulators raise concerns about the technology,the UAE is working to establish itself as a center for the digital assetindustry. Binance has increased recruiting in the city. It was mainly dueto its plans to get Dubai to give them a license to operate some virtual assetoperations in the area. FTX announced in March that it would construct aregional headquarters after Dubai first granted it a partial license.
The President of FTX.US, Brett Harrison, made anannouncement on Twitter on Wednesday. He said that stock trading is currentlyavailable to users in all 50 states in America. He stated that all customerswould now be able to trade several ETFs and stocks online or via the FTX.US Proapp.
FTX’s American branch said it would not be imposing fees, norwill it monetize transactions in a way similar to Robinhood (HOOD). It hascome under the flames for its PFO (paying-for-order) flow marketing strategy.The functionality was piloted to a small number of users in May. FTX.USpurchased equities-clearing firm Embed Financial Technologies earlier thisyear. It will now offer API and brokerage solutions to the marketplace.
Binance, Robinhood, Cryptocurrency, VASP, FTX Exchange, FTX Europe, Digital Asset