Binance has received a virtual asset license in Dubai to offer services to qualified investors. They are the world’s largest crypto giants continuing their Middle East drive.
The license will allow Binance to operate within Dubai’s “test-adapt-scale” model. Basically, this model will serve as pre-qualified investors and professional financial service providers.
They also expected Binance to anchor a blockchain hub in the Dubai World Trade Centre.
On Monday, Binance announced it got a license from the Central Bank of Bahrain. They’ll operate as a crypto service provider.
FTX said it was the first to get a Dubai license to establish and run its virtual asset exchange on Tuesday.
Moreover, the licence was granted following in-principle approval in December. So, we can say it marks the first regulatory approval for a Binance entity within the Middle East. It will allow Binance to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators. Chief Executive Officer Changpeng Zhao announced the decision in a tweet Monday.
Bahrain, the Gulf’s smallest economy, has been one of the Middle East’s early adopters in the digital assets space. Binance’s move underscores its increased focus on the Middle East.
According to Bloomberg news, in 2017, In China has also been in talks to set up a headquarters in the UAE potentially, Bloomberg News has reported
