FTX To Bolster Its Presence By Expanding Services in MENA

FTX To Bolster Its Presence By Expanding Services in MENA

• FTX announced that they have officially launched their services in the UAE.
• UAE is already home to many crypto exchanges including Binance and Kraken.
• Bankman-Fried said in an interview that FTX is working on creating a stablecoin.

Crypto exchange, FTX, in its recent feat of bolstering its presence around the world, announced that they have officially launched its services in the UAE. The exchange platform has come a long way since its launch in 2019.

FTX is officially live in the UAE! As the first licensed crypto exchange in the UAE, we're super excited to expand our operations and grow FTX's presence in the region. pic.twitter.com/X683ADUNWR

— FTX_MENA (@FTX_MENA) October 31, 2022

FTX currently provides spot trading for over 250-plus cryptos and 300 market pairs. The launch of FTX services is another feather in the cap for UAE, which is working towards modifying Dubai as a crypto hub. The UAE is already home to crypto exchanges including Binance, Kraken, and Crypto.com.

Earlier last month, FTX gained regulatory approval to operate in Dubai and expressed its excitement about following the regulatory framework that protects customers.

Sam Bankman-Fried, the CEO of FTX expressed his excitement on Twitter:

FTX is excited to be regulated in Dubai by VARA! We’re excited to expand our presence in the city, and to work with regulators who have taken the lead in establishing a regulatory framework for digital assets, protecting customers, and allowing for innovation.

FTX Exchange received the license to operate in Dubai earlier in July. FTX Exchange FZE received its operating license under Dubai Virtual Assets Regulatory Authority’s (VARA) MVP program, which aims to ensure that Dubai’s growth is secure and sustainable.

Last week, Bankman-Fried said in an interview that FTX is working on creating a stablecoin. The FTX CEO added that it is likely FTX will create a stablecoin and the exchange knows how to create one and is thinking about the best partner to work with. But soon after this, Bankman-Fried clarified in a tweet:

Eh to clarify: we are figuring out what we’re doing on stablecoins; it could be anything or nothing, and could *or could not* involve partnerships, issuance, hula hoops, etc. (One of those is less likely than the others.).

Bankman-Fried has been on an acquisition spree with his aim to provide aid in stabilizing the crypto markets.

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