Binance is in talks with the Dubai World Trade Centre free zone about obtaining a virtual asset service provider license to operate in Dubai. A positive ruling would strengthen its position in the Middle East.
Binance Holdings Ltd., the world’s largest centralized crypto exchange by trading volume, is negotiating a license to operate in the Gulf city-state with officials in Dubai. If approved, the license would allow the firm to expand its activities throughout the Middle East, according to a source familiar with the issue.
Binance, the world’s largest cryptocurrency exchange by trading volume, has already acquired preliminary authorisation from Bahrain’s central bank to operate as a crypto-asset service provider in the neighboring nation. Binance is currently negotiating a virtual asset service provider license with the Dubai World Trade Centre free zone.
In a concerted endeavor to create a local port for the crypto business, Dubai is on a mission to recruit some of the world’s largest crypto companies. The UAE, of which Dubai is a part, is due to issue government licenses for virtual asset service providers by the end of the first quarter, and Binance CEO Changpeng “CZ” Zhao has become a fixture in the country’s crypto scene.
According to Bloomberg, Dubai passed legislation to govern virtual assets earlier on Wednesday.
Richard Teng, head of MENA for Binance, 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 application for a license to operate in Dubai might be interpreted as the company’s attempt to establish a foothold in the area. Binance (BNB) was launched in China in 2017 by Changpeng “CZ” Zhao, but the site of the business’s headquarters is a point of contention among company executives. In recent months, firm officials have spoken with UAE regulators about establishing a prospective headquarters in the nation.
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