A subsidiary of FTX, it is licensed by the Dubai Virtual Assets Regulatory Authority (VARA) to provide digital currency exchange and clearing services.

According to a press release by Zawya, FTX Exchange FZE has become the first holder of a permanent VARA cryptocurrency license under the program. MVP. In March, FTX received interim regulatory approval soon after the agency was created.

Full VARA approval will allow the exchange to offer regulated trading in crypto derivatives and digital assets to qualified investors in the region. MENA. The permit also gives the ability to provide custody services, operate an NFT marketplace, and act as a clearinghouse.

Speaking to Reuters, FTX Regional Director Balsam Danhah said:

“Our license also includes retail customers, but we will expand gradually to ensure we are getting closer to the mass market in line with VARA guidelines.”

The Dubai subdivision of the exchange is part of the structure of the European branch of FTX Europe.

Recall that temporary licenses from the emirate regulator were also obtained by the exchanges Binance, OKX and Huobi.

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