Crypto exchange FTX receives regulatory approval in Dubai

The global crypto exchange FTX received green signal from Dubai Virtual Asset Regulatory Authority (VARA) to provide its crypto services. 

FTX is a popular crypto exchange and this crypto exchange is standing at 3rd rank after Binance & Coinbase exchange. This exchange is known for its quality crypto services along with its promotion efforts on TV networks. 

 FTX exchange received green signal from a week-old regulatory agency Dubai Virtual Asset Regulatory Authority (VARA), an independent crypto regulatory agency that oversees crypto-related activities in the UAE. 

On 15 March, Sam Bankman-Fried, CEO of FTX exchange, shared his happiness on the first crypto license in Dubai to Operate services under compliance. 

Sam said that the exchange will set up its regional headquarter in Dubai and also will start to offer derivatives trading services to its users in Dubai with centralized counterparty clearing to institutional investors. 

Earlier in an interview funded by Decrypt, FTX CEO discussed on crypto challenges with Peter Singer. 

In the interview, Sam explained to Singer about the significance of crypto assets and also explained that the crypto Industry evolved at a better level, where each transaction doesn’t impact the environment. 

FTX CEO also explained that Russia can’t bypass financial Sanctions with the use of cryptocurrencies and also said that in the past Russia never tried to move funds with the help of cryptocurrencies. 

These things are showing that the crypto industry is moving toward that level, where high-tech countries are adopting it continuously without any more hesitation. Here efforts of Dubai with its separate crypto regulatory agency are a clear hint that crypto is here to stay.

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