Crypto exchange FTX said it has received a license in the UAE

FTX said it has become the first regulated crypto exchange in the UAE.
According to FTX, the crypto exchange has become “the first regulated crypto exchange in the UAE. The site provides access to transactions involving more than 250 types of cryptocurrencies. FTX estimates that its fees are on average 85% lower than at least some of its global competitors. It also offers high-risk trading with leverage levels of up to 20.
For the time being, however, some services in the UAE are only available to qualified retail investors, accredited private investors and legal entities.
FTX is a number of country divisions. For example, there is FTX US, whose head resigned at the end of September, but will continue to advise the crypto exchange. In October, it was reported that FTX founder, billionaire Sam Bankman-Fried suggested that FTX US employees move from Chicago to Miami.
In the latter case, Miami Mayor Francis Suarez, who is known for his positive attitude toward bitcoin, endorsed Bankman-Fried’s decision. FTX is still headquartered in the Bahamas, but the founder is thinking about moving it to the U.S. as well.
FTX’s regulatory exit in the UAE reflects Sam Bankman-Fried’s general view of the need for legal regulations in the world for the cryptocurrency industry. In late October, for example, he said that dollar-stablecoins need “really comprehensive” regulation.
He also noted that if a particular project that issues such Stablecoinsclaims that such assets are fully backed by reserves in US dollars, in the proportion of 1:1, this should be confirmed in the relevant financial statements, with the auditors checking them out.
The FTX founder has not ruled out the possibility that the site may issue its own steiblocoin in the future. He also said that FTX will be growing organically for the foreseeable future, that is, not by acquiring other players in the cryptosphere, which is why it is not currently considering buying investment platform Robinhood, despite the fact that there have been various reports circulating in that regard.
FTX estimates that FTX has six times the turnover of cryptocurrency exchange Coinbase, while FTX has 20 times fewer users, which is why the founder of the cryptocurrency exchange sees potential in its development.

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