As the FTX debacle unfolds and FTX files for bankruptcy, CEO steps down, UAE VARA ( Virtual Asset Regulatory Authority) in Dubai has suspended FTX’s license. FTX MENA users brought in high revenues for FTX as it was considered as the third biggest revenue region for FTX.  While the crypto markets are in turmoil across the globe, it will also have an effect on the MENA region. FTX MENA CEO Balsam Danhach told Reuters in a previous interview,  "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.” Danhach also told zawya in a recent interview that their operation in MENA region is the second to third region in terms of global revenue performance. At the time FTX had 6 million users with a trading volume of $12 billion per day. He stated in his interview with Zawya, talking about MENA and the importance of their license in

  Amidst what some might consider as bearish markets especially for the crypto mining industry given high energy prices and decreased value in crypto markets, UAE’s crypto mining hardware retailer, Phoenix Technology is investing $300 million in crypto mining sites across the globe. As per recent news, Phoenix Technology is developing a large scale site in the United States which will be launched in Q2 of 2023. The site will utilize the latest mining technologies including immersive cooling. Carl Agren, CEO of Phoenix Technology, stated, “Phoenix Technology is aiming to switch from a regional player in the mining space to a global one. In other words, developing, maintaining, and operating sites all around the world. We have been currently focusing on the North American markets, mainly the US and Canada. However, we are planning on setting foot in other regions to try to identify opportunities in untapped mining areas. We are devoting $300 million to be invested in different sites