UAE withdraws organization license of FTX MENA

Dubai management officials note that no prospects have however been impacted, simply because FTX MENA has not however officially gone reside.

In the midst of a wave of sympathy for the FTX catastrophe, the Dubai Virtual Asset Management Authority (VARA) has made a decision to withdraw the working license of FTX MENA.

To stick to official announcementVARA has revoked the industrial license for FTX MENA’s MVP solution, citing the bankruptcy of FTX exchange and Alameda Research.

The regulator stated FTX MENA is nonetheless currently being ready, so no prospects have been impacted by the incident. Also, FTX MENA does not however have a financial institution account in the nation which is the minimal necessity for Virtual Asset Service Providers (VASPs) in the UAE.

Additionally, VARA asked VASPs in the community virtual asset ecosystem to listing information and facts, to assess the domestic industry publicity to FTX and the extent of publicity in the UAE area.

In March, former CEO Sam Bankman-Fried announced that FTX had obtained its initial digital asset trading license in Dubai. By July, FTX was accredited to deal with the MVP system and perform testing and prep.

On March 9, Dubai issued a new regulatory framework for cryptocurrencies and set up VARA, aimed at defending traders and generating business governance requirements. In early 2021, KIKLABB Free Economic Zone in Mina Rashid, Dubai grew to become the initial government company in the UAE to accept Bitcoin.

At the identical time, the Turkish Financial Crimes Investigation Commission is launching an investigation into the former CEO of FTX.

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