The aftershocks of the FTX debacle have reverberated around the world, particularly in Dubai, which has been working to lure the largest crypto firms with industry-friendly policies. Some 4% of FTX's global customers are based in the UAE, making it one of the top 10 jurisdictions impacted by the fallout. Talal Tabbaa, CEO of CoinMENA discusses what it means for the sector with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East."
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Francisco Gimeno - BC Analyst FTX's chaos is affecting some companies and territories more than others. Dubai is one clear example of being hit by this free fall as 4% of FTX clients are based on Dubai, and we are talking about lots of money here. Fortunately exchanges there have a wide portfolio being generally regulated, so we hope that this hot will be something Dubai will be able to come out. As we are seeing practically every day the contagion is expanding. The platforms and exchanges which act as custodians without any other financial plays and mismanagement will also come out from this unaffected. Others will have to swim or sink.