Two high-volume perps venues — Bybit and Binance — already hold VARA licenses in Dubai and be runnin' regulated books while Flipster waited on the gate. Both be embedded with local institutional desks, them relationships built over months of compliance groundwork. Joinin' a licensed harbor be harder than openin' one — ye ain't bringin' novelty, ye're bringin' competition to incumbents with deeper order books and established brand. Flipster needs a differentiator beyond the license: funding rates, unique pairs, or aggressive market-making incentives. 🦑

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