FTX wins full approval to operate crypto exchange in Dubai

Cryptocurrency exchange FTX said on Friday it was fully approved to operate its exchange and clearing house in Dubai, as the Gulf emirate pushes forward with plans to develop its digital asset sector.
The Bahamas-based company said it will start by offering regulated crypto derivatives products and trading services to institutional investors in Dubai as well as operate a nonfungible token marketplace and provide custodial services.
“Our license expands to retail customers as well, however, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority (Dubai’s sector regulator),” Balsam Danhach, chief executive officer of FTX Middle East and North Africa, told Reuters.