The Bahamas-based company said it will start by offering regulated crypto derivatives products and trading services to institutional investors in Dubai.

"Our license expands to retail customers as well, however, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority (Dubai's sector regulator)," Balsam Danhach, chief executive officer of FTX Middle East and North Africa, told Reuters.

It said the services would be offered by FTX Exchange FZE, a subsidiary of FTX's division in Europe and the Middle East.

FTX first got a partial license from Dubai in March, when it said it would establish a regional headquarter in the city.