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FTX The exchange has come a long way since its inception in May 2019. Founded by Sam Bankman-Fried, the exchange offers spot trading in over 250+ cryptocurrencies and 300 market pairs. Fried has always been a visionary. Fried has been following the global expansion of his cryptocurrency trading service for a long time.
FTX has also proven to be one of the strongest companies to safely ride out the “crypto winter” wave. It also ended up being a last resort for several financially struggling companies.
In one of the latest announcements, FTX reveal the mask very happy to be in United Arab Emirates.
FTX expands services in UAE
With this new presence, the FTX exchange will serve crypto enthusiasts in the UAE region. The UAE is trying to establish itself as a crypto hub. With its flexible cryptocurrency regulatory framework, it has attracted several cryptocurrency companies. Cryptocurrency exchanges including Binance, Kraken and Crypto.com already offer services in the country.
On July 29, 2022, FZE (FTX) announced that it has received full regulatory approval to participate in Dubai’s virtual asset “Minimum Viable Product” (MVP) program. The region’s cryptocurrency regulator, the Virtual Assets Regulatory Authority, is responsible for this approval (VARA).
The cryptocurrency exchange then became one of the first Virtual Asset Service Providers (VASPs) to receive this MVP license, allowing it to operate its Virtual Asset (VA) exchange and clearinghouse services in Dubai, United Arab Emirates.
The announcement is for FTX is Plans to launch its own stablecoin. Fried announced the decision in a recent interview. He also spoke about his acquisition spree, saying it has helped stabilize the cryptocurrency market. Fried also said it would assist FTX in building a broader and stronger presence in the United States.
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