One of the largest crypto exchanges in the world, Binance is soon opening its crypto trading services in Dubai after gaining a provisional license from the country’s specialized authority.
As of now, Binance is working with local banks as well as compliance offers for the launch. According to a report from SCMP, the regional head of the Middle East and North Africa, Richard Teng said:
Regulators in the Middle East region see that supporting the development of crypto assets is critical in developing the Web 3 ecosystem. Trading cryptocurrencies is just one of the business areas that we could deploy in the region, and there are many more opportunities besides trading.
Interestingly, Binance had some talks about establishing a Dubai headquarter in December last year. However, a couple of months later, the crypto exchange gained a virtual asset service provider (VASP) license. The crypto exchange gained this license in March.
Moreover, Binance is trying in multiple countries to gain regulatory trust from respective watchdogs. The company started moving in this direction after watchdogs from Hong Kong, Singapore, Japan, and the U.K issued multiple warnings over a couple of years.
Coming back to Dubai, Binance’s entrant into the middle east gathered momentum after the former CEO of the Financial Services Regulatory Authority rumoured to head the operations for the crypto exchange in December.
This is also in line with Binance’s aim to achieve a 24-hour trading volume of around $76 billion. Initially, the specialized authority will allow Binance to offer its services to qualified investors and financial institutions.
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