Binance Gets License To Offer Services In Dubai

Binance, one of the largest cryptocurrency exchanges in the world, has received a license from Dubai’s government to offer services. The new licensing system makes Binance subject to all applicable laws and regulations for consumer or trading activities in Dubai.

Binance is a cryptocurrency exchange that is based in China. It has received a license to offer services in Dubai.

The Binance cryptocurrency exchange received a license to operate in Dubai, United Arab Emirates, on March 16. The company’s position in the Middle East has been growing recently, with the addition of a bitcoin service provider license in Bahrain, another Gulf country, earlier this week.

Binance will be able to open an office in Dubai and provide digital asset exchange services to pre-qualified investors and financial institutions under the recently accepted regulatory standards under the Dubai virtual asset provider (VASP) license.

Dubai is one of the seven emirates that make up the UAE federation. With a fresh new virtual asset exchange (VAX) license established in the emirate’s special economic zone, it now houses 22 VASPs. FTX was the first bitcoin company to get the license, which was disclosed earlier this week. Binance quickly followed in the footsteps of its rivals.

Binance’s rising strategy in the Middle East includes this step. On March 15, the Bitcoin exchange stated that it has obtained a license to operate in Bahrain, another Gulf country. It will allow the world’s largest exchange by volume to provide Bahraini customers trading, portfolio management, and custody.

Both the UAE (and particularly Dubai) and Bahrain adopt an innovation-friendly agenda and fight for the title of most crypto-friendly jurisdiction in the region. The Central Bank of Bahrain (CBB) successfully tested JP Morgan’s crypto payment system in January of this year.

As the UAE’s prime minister, Sheikh Mohammed bin Rashid Al Maktoum, put it, “the passage of the new crypto legislation in March 2022 was a big milestone in the federation’s continuous efforts to assist the area flourish and safeguard investors.”