Exchanges FTX And Binance Acquire Licenses In The Middle East

Exchanges FTX and Binance acquire licenses in the Middle East after getting regulatory approval from Dubai and Bahrain so let’s read more in today’s latest cryptocurrency news.

Crypto exchanges FTX and Binance announced they acquired new licenses to operate in Dubai and Bahrain. FTX’s European Affiliate – FTX Europe and MENA announced that they acquired a license to establish and operate Virtual Asset Exchange and Clearing House Services in Dubai, UAE. CEO Sam Bankman Fried said:

“FTX receiving this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world. We plan to continue playing a lead role in advancing the digital asset industry in countries that provide a robust regulatory framework, while also operating with the highest security, risk, and investor protection standards.”

Patrick Gruhn who is the head of FTX Europe, said that this represents a huge achievement for FTX, adding that the EU affiliate intends to expand the presence in the MENA region and to establish headquarters in Dubai. The exchange’s Dubai license came after the Dubai Multi Commodities Center announced that it was looking to establish a crypto valley in the UAE that is designed to promote and embrace the blockchain industry. FTX is not the only crypto company that is making moves in the Middle East. Binance as the industry’s leader made some positive advancements in the Kingdom of Bahrain.

Also, 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.

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.