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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
Coincu News
For those who missed the initial coin offering (ICO) of Avalanche, it’s a reminder of…
Indiana Farmer Struck a Windfall with DogWifhat, Now Goes All in on BlockDAG as BULLRUN100…
Tether completes the first USDT oil transaction in the Middle East, funding a $45 million…
George Town, Grand Cayman, 8th November 2024, Chainwire
Binance Labs makes its first foray into decentralized science (DeSci) with an investment in BIO…
The crypto industry campaign spent $135 million supporting over 50 U.S. election candidates in 2024,…
This website uses cookies.