Digital Assets: Sam Bankman-Fried’s FTX Crypto Exchange Is Now Live In The U.A.E.
Crypto exchange FTX secured the first licence for a crypto exchange in the UAE, and has now gone live.
FTX has announced that it has gone live in the UAE, though its services are initially available only to qualified retail investors, accredited investors and institutions. It will function in the UAE as FTX MENA FZE. (CryptoNews)
“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,” the exchange said in a tweet, offering access to 250+ cryptocurrencies, 20X leverage, and up to 85% lower fees compared to global industry competitors.
Notably, Binance, Kraken, and Crypto.com are already operating in the UAE.
A report by Chainalysis earlier this month said that though Middle East & North Africa (MENA) may be one of the smaller crypto markets in the 2022 Global Crypto Adoption Index, but it’s also the fastest growing. MENA-based users received $566 billion in cryptocurrency from July 2021 to June 2022, 48% more than they received the year prior.
The report observed that the UAE is the fifth largest crypto market in all of MENA.
“We find that Dubai has become a hub for crypto companies that serve customers all across Asia and Africa, not just in the Middle East,” the report added.
The member states of the Gulf Cooperation Council (GCC) – Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman stand apart from the rest of the MENA region, the report stated.
“When you look at markets in the GCC, we take the view that this adoption is driven by young, tech-savvy early adopters with relatively high disposable incomes, that are, you know, searching for investment options, and have a conviction in crypto right now.”
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