Binance considers acquiring a license to operate in Dubai with the exchange already being in a discussion to get the license so let’s read more today in our latest Binance news.
Binance Holdings LTD is now in deliberations over a license to operate in Dubai and boost its presence in the Middle East. Binance anticipates an accreditation to operate as a service provider in the Dubai World Trade Centre free zone as soon as possible which came after the EU clarified that crypto is getting under the sanctions imposed by the regulators upon Russia and Belarus. The country passed a new law regarding the governance of virtual assets. Sheikh Mohammed bin Rashing al Maktoum is also trying to propel the Arab state forward and make it a crypto hub. Binance’s CEO Changpeng Zhao said:
“Regulatory clarity is so important. This new virtual asset law in Dubai is a great step forward.”
Binance signed an agreement with the Dubai World Trade Centre Authority to develop and establish the region as a hub for various digital global assets. The authority will oversee the issuance and trading of crypto assets and companies that provide crypto services but it will first have to gain approval. The new regulatory entity will monitor transactions and will prevent price manipulation in crypto assets.
As Binance considers acquiring a license to operate in Dubai, the UAE state took a proactive stance on crypto assets for a few years like the Dubai International Financial Center which establish the Court of blockchain in 2018. Richard Teng, the head of Binance MENA said in a statement:
“We welcome this important development. We continue to work closely with the DWTC to help establish Dubai as a world-class and progressive crypto regulatory environment.”
The company was founded in China but hasn’t still set up a global base yet. Over the past few months, Binance executives held talks with regulators in the UAE about a headquarters for the exchange in the country. The UAE is the Middle East’s third-biggest crypto market after Turkey and Lebanon with a transaction volume of $26 billion as per the data from Chainalysis from 2020 to June 2021.
As recently reported, Binance’s acquisition spree of non-crypto businesses could start sooner than expected.
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