Binance Deepens Mideast Push After Getting License for Dubai - Bloomberg
Binance Holdings Ltd. has been granted a license to operate in Dubai, days after getting approval in Bahrain, further bolstering its presence in the Middle East.
The virtual asset license allows the world’s largest cryptocurrency exchange to operate its regional business from Dubai, the firm said in a statement on Wednesday. Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers under an initial regulatory phase.
The United Arab Emirates is trying to attract some of the world’s biggest crypto companies and may issue federal licenses for virtual asset service providers by the end of the first quarter, Bloomberg reported last month. Binance is among firms considering a bigger presence in the UAE, and its Chief Executive Officer Changpeng “CZ” Zhao has become a fixture in the country’s crypto scene.
Founded in China in 2017, Binance hasn’t set up a global base yet. In recent months, company executives talked to regulators in the UAE about setting up a headquarters in the country, Bloomberg previously reported. Other crypto companies are also looking to expand their local presence.
The UAE is the Middle East’s third-largest crypto market, trailing Turkey and Lebanon, with transaction volumes of about $26 billion from July 2020 to June 2021, according to data compiled by Chainalysis.
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