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OKX crypto exchange seeks Dubai regulation with eye on Middle East expansion

OKX, one of the world's largest cryptocurrency exchanges, is seeking regulatory approval to operate in Dubai as it plans to expand the company's Middle East operations, an executive told Reuters on Thursday. Regulation is an industry trend, OKX Global Head of Government Relations Tim Byun said. Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued Binance and Coinbase, two of the largest crypto exchanges, for allegedly breaching its rules. Byun said he believed the SEC's move would push more applicants toward innovative regulators like Dubai's Virtual Asset Regulatory Authority (VARA).

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