The collapse of the crypto exchange FTX prompted Dubai regulators to ask for more information from crypto license applicants such as Binance, a Bloomberg report has said. According to the April 5 report, officials from Dubai’s Virtual Assets Regulatory Authority (VARA) have in recent weeks told Binance, which already holds the minimal viable product license, to share more information concerning its ownership structure, governance, and auditing procedures.

Sam Blatteis, CEO of The MENA Catalysts, suggested that Dubai authorities have taken this approach because they want to maintain good relations with their Western counterparts.

“VARA wants to turn Dubai into a capital for the digital-assets economy while safeguarding its business ties with Western jurisdictions like Europe that are adopting more muscular crypto regulations,” Blatteis reportedly said.