Binance Considers Obtaining a License to Operate in Dubai

Binance Holdings Ltd. currently is in discussions over a Dubai license, which would allow it to expand its presence in the Middle East.

Bloomberg first reported this, citing a “person familiar with the matter”.

Binance expects to be accredited as a service provider within the Dubai World Trade Centre “free zone” as soon as possible. This is after the EU clarified crypto ‘is falling below the sanctions imposed upon Russia and Belarus’. Binance hopes to be accredited as a service provider in the Dubai World Trade Centre ‘free zone’ as soon as possible. Sheikh Mohammed bin Rashid Al Maktoum wants the Arab State to become the leading global crypto hub.

“Regulatory clarity is essential. “This new Dubai virtual asset law is a great leap forward,” Binance CEO Changpeng Zhao stated in a retweet from Sheik Mohammed about the future of Crypto.

In December last year, Binance signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to develop and establish it as a global hub for various virtual global assets.This authority will oversee the issuance and trading of virtual assets and companies providing crypto services will first have to gain its approval.Additionally, the new regulatory entity will also “monitor transactions and prevent virtual asset price manipulation.”The UAE state has taken a proactive stance on crypto assets for a few years. In 2018, the Dubai International Financial Center created the “Court of Blockchain”.

Richard Teng, Binance’s head of MENA, stated in a statement that “we welcome this important development.” “We will continue to work closely alongside the DWTC in order to establish Dubai as a progressive and world-class crypto regulatory environment.”

Although the company was established in China, it has not yet set up a global headquarters. Binance executives met with UAE regulators recently to discuss a possible headquarters. The UAE is the third-largest cryptocurrency market in the Middle East, after Turkey and Lebanon. According to Chainalysis data, the UAE has a transaction volume of approximately US$26 Billion. This data was compiled between July 2020 and June 2021.
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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