Crypto Exchange FTX Accelerates Expansion, Establishes Itself in Two Countries Within One Week

Crypto exchange giant FTX is expanding the world over, moving into the United Arab Emirates (UAE) and Australia within the span of one week.

Last Tuesday, FTX’s European trading affiliate FTX Europe announced the approval of its license to establish a virtual assets market in Dubai.

According to the announcement,

“Dubai is the only global economy to have an independently regulated environment under its newly announced Virtual Asset Regulatory Authority (VARA), to be governed by comprehensive legislation and internationally applicable policy frameworks.

The license issued under prudential supervision, allows FTX to operate within Dubai’s ‘test-adapt-scale’ VA market model which has rigorous regulatory oversight and mandatory [financial action task force] compliance controls that are similar to the requirements of Tier 1 international financial markets.”

Explains FTX Europe head Patrick Gruhn,

“It is a major achievement for FTX to be approved as the first exchange under this unique regulatory framework. I’m excited to expand our presence in the [the Middle East and North Africa] especially as countries like the United Arab Emirates continue to set a new bar when it comes to crypto regulation.”

Five days after the Dubai announcement, FTX established FTX Australia, the Australian arm of the crypto exchange giant.

Says FTX founder and CEO Sam Bankman-Fried about expanding to Australia,

“We’re excited to bring FTX’s innovative products and services to the Australian marketplace. The establishment of FTX Australia should provide all our local clients with the confidence of trading on a registered and licensed platform. As in other jurisdictions within which we operate, significant resources have been allocated to proactively engage with local regulators.

We look to be a participant in policy discussions globally and will seek to continue this same level of engagement locally through FTX Australia, and we are encouraged by the important work being undertaken to establish a new digital asset licensing regime.”

 

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