The UAE is taking no chances on FTX! The Dubai regulators suspended the exchange's license, which allows it to make preparations to service the local market.
, including FTX exchange and Alameda Research, VARA confirmed that FTX MENA’s license had been suspended before any clients were exposed.
According to the regulator, FTX MENA was still in the preparatory phase. The authority clarified that the firm had not yet received the approval required to start its operations and onboard clients. In addition, the regulator highlighted that the firm had not yet secured a domestic bank account, which is a requirement for virtual asset service providers to start operations in the United Arab Emirates.
The regulator has also asked VASPs that engaged with VARA to participate in the local virtual asset ecosystem to provide disclosures. This will allow the regulator to assess the domestic market exposure and the scale of the contagion within the UAE.
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