FTX, a cryptocurrency exchange,  received Dubai's first and only cryptocurrency license.

According to FTX CEO Sam Bankman-Fried, it is the first and so far only digital asset exchange to have a Dubai license.

FTX announced its arrival in Europe after getting clearance from the Cyprus Financial Markets Authority (CySEC).

FTX getting license approval in Dubai is benefiting the company on a global expansion.

According to the CEO, the FTX promises to provide institutional markets with "complex crypto-derivatives products with centralized counterparty clearing."

FTX’s valuation has surged to $32 billion after it raised $400 million in funding at the beginning of this year.