Binance Said to Be in Talks for License to Operate in #Dubai - Bloomberg

Binance Said to Be in Talks for License to Operate in Dubai - Bloomberg

Binance Holdings Ltd. is in talks over a license to operate in Dubai, further bolstering its presence in the Middle East, a person familiar with matter said.

The firm is in discussions with Dubai World Trade Centre free zone for a virtual asset service provider license, the person said, declining to be identified as the matter is private.

Binance, the world’s largest cryptocurrency exchange by trading volume, has already received in-principle approval from Bahrain’s central bank to be a crypto-asset service provider in the kingdom.

For Dubai, the move is part of efforts to attract some of the world’s biggest crypto companies. The United Arab Emirates, of which Dubai is a part, is poised to issue federal licenses for virtual asset service providers by the end of the first quarter, Bloomberg reported last month, and Binance Chief Executive Officer Changpeng “CZ” Zhao has become a fixture in the country’s crypto scene.