Dubai Virtual Assets Regulatory Authority Has Revoked Approval of the Minimum Viable Product License for FTX MENA

The Dubai Virtual Assets Regulatory Authority has revoked its approval of the minimum viable product license for FTX MENA. According to the regulator, FTX MENA is still in the preparatory stage. The regulator also clarified that the company has not received the necessary approvals to start operations and admit clients.

In addition, the regulator stressed that the company has not yet obtained a domestic bank account, which is a requirement for virtual asset service providers to start operations in the United Arab Emirates.