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.
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.
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