Bybit, Crypto.com to Open Dubai Offices
- Crypto.com plans to establish a regional office in Dubai, and also launch a “substantial recruitment drive” in the coming months.
- After obtaining an in-principle approval to “conduct a full spectrum” of crypto services, Bybit announced plans to move its global headquarters to Dubai.
Dubai Skyline View Rasto SK / Shutterstock
The establishment of a crypto-friendly regulatory regime in Dubai has continued to attract crypto exchanges to the region, with the latest being Crypto.com and Bybit.
On Monday, popular cryptocurrency exchange Crypto.com revealed its plans to establish a regional office in Duba, one of the seven emirates on the United Arab Emirates (UAE). The exchange said it will also launch a “substantial recruitment drive” in the coming months to build its presence in the region. The UAE’s Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, said in a statement:
“The UAE is now developing a robust governance and regulatory framework to ensure that we are providing a best-in-class environment for companies in this space to flourish – and to position the UAE as the ideal platform for disruptive ideas with global impact.”
Also on Monday, crypto exchange Bybit announced it had received an in-principle approval to “conduct a full spectrum” of virtual asset business in Dubai, and it was planning to relocate its global headquarters to Dubai. The exchange noted it is “fully committed to supporting the regulatory efforts of the UAE government”, and that it expects to begin operations in the region in April.
Dubai’s crypto-friendly regulatory regime was established earlier this month, when UAE prime minister Sheikh Mohammed bin Rashid Al Maktoum implemented a new virtual assets law and created the Virtual Asset Regulatory Authority (VARA). Ever since, Dubai has attracted a number of popular crypto exchanges, with the first to receive operating licenses being FTX and Binance.
- Sam Bankman-Fried’s legal counsel had claimed he should not be charged with any crimes involving FTX as it was not regulated in the U.S., only FTX.US was.
- The DoJ said the claim was irrelevant as SBF was charged for violating existing laws for misappropriating customer assets.
Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
lev radin/Shutterstock
- The U.K. Financial Conduct Authority continues its crackdown on crypto ATMs in the country, and has disrupted a total of 26 machines since the start of the year.
- The regulator warned the public back in March 2022 that all crypto ATMs in the country were operating illegally, and issued a “shut down or face further action” order.
- Anonymous sources have said that the offices of Binance Australia were searched on Tuesday as part of an ongoing investigation into the exchange’s derivatives operations.
- Australia’s financial regulator, who conducted the reported search, canceled Binance Australia’s derivatives license back in April, and the exchange no longer offers the service in the country.