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.
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.