News

Binance Announces Launch of Payment Services in Dubai and Bahrain in June 2022

Binance, the world’s largest cryptocurrency exchange, is gearing up to launch Dubai’s payment and trading services. It seeks to establish its first headquarters in the Middle East and rebuild its integrity in France.

Binance Offers Electronic Platform in the Middle East

The exchange is working with local banks and recruiting country managers and compliance officers in Dubai and Bahrain, with the service expected to launch in early June. Binance is planning. The plan is to provide a full range of services allowing it to participate fully in the development of Web 3, the next version of the web-based on blockchain and decentralization.

“Regulators in the Middle East region see that supporting the development of crypto-assets is crucial in developing the Web 3 ecosystem. Cryptocurrency trading is just one of the business areas. We can roll out the business in the region, and there are so many other opportunities beyond trading.”

Richard Teng, regional head for the Middle East and North Africa, is based in Dubai.

Binance’s foray into the Middle East gained momentum after Teng, the former CEO of the Financial Services Regulatory Authority of Abu Dhabi Global Markets, the city’s international financial hub, was asked to head operations in the Middle East in December.

Binance also announced its ambition to achieve a 24-hour trading volume of around $76 billion. In Dubai, a license from the Virtual Assets Authority, an industry-specific regulator, will initially allow Binance to offer its services to qualified investors and financial institutions and gradually expand to include retail investors.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

Coincu News

Victor

Recent Posts

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

18 minutes ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

38 minutes ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

54 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

1 hour ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

2 hours ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

This website uses cookies.