FTX in the USA, sent a motion dismissing Chapter 11 case for its Dubai’s operation regulated under Dubai’s virtual asset regulatory authority (VARA) in UAE.  FTX VARA holds $4 million as security for the license of the total of $.45 million held by FTX Dubai in several accounts. As per Cointelegraph article, o n July 25, VARA confirmed to FTX Dubai management that such restricted cash would be released in the context of the liquidation of FTX Dubai, according to United Arab Emirates law: As stated in the motion, FTX Dubai established on February 11, 2022 under the laws of the United Arab Emirates to operate a crypto exchange. FTX Dubai is a direct, wholly-owned subsidiary of Debtor FTX Europe AG. Then on July 12, 2022, FTX Dubai was granted a virtual asset service provider license (the “License”) from Dubai’s Virtual Assets Regulatory Authority (“VARA”). Notwithstanding the grant of the License, FTX Dubai did not offer any crypto-related services to investors in the United...