You are here

Major Crypto Exchange FTX to Open Headquarters in Dubai

The major cryptocurrency exchange FTX, headed by 30-year-old Sam Bankman-Fried, has been awarded a virtual asset license in Dubai, United Arab Emirates (UAE). The news comes hot on the heels of reports that fellow crypto exchange Binance received a similar license with plans to move its headquarters to Dubai.

Dubai is quickly becoming a global cryptocurrency center as the UAE enacts favorable regulations in the sector, building infrastructure and laws to support the industry. The establishment of a cryptocurrency hub at the Dubai World Trade Centre Authority last December cemented the country’s commitment to developing and supporting cryptocurrencies.

FTX Expansion

In a statement regarding the news, FTX Europe head Patrick Gruhn said:

“The certainty and credibility that Dubai assures in its adherence to these commitments allows FTX to safely pursue its overall strategy of scaling towards becoming the first virtual-asset service provider to enter global markets in a fully regulated manner.”

As one of the top digital exchanges in the world, FTX has a 24-hour trading volume of almost $2 billion and is valued at over $30 billion. The company recently raised $400 million in a Series C funding round and embarked on an aggressive marketing campaign that included advertisements at the Superbowl Half Time show.

Related posts

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close