Binance Holdings Ltd has received a license to operate in Dubai, just a few days after getting approval in Bahrain.
On Wednesday, the company said in a statement that the virtual asset license will allow the world’s largest cryptocurrency exchange, Binance, to operate its regional business from Dubai.
Binance will be allowed to extend “limited exchange products and services” to pre-qualified investors and professional financial service providers under an initial regulatory phase, the statement further said.
The company also said that Binance will also set up a blockchain technology hub in the Dubai World Trade Centre (DWTC).
Over the past some time, the financial regulators across the globe have been targeting Binance, with some banning the platform from undertaking certain activities, while some others warning the consumers that the company was not licensed to operate in their jurisdictions.
According to some reports, United Arab Emirates (UAE) is looking to attract some of the world’s biggest crypto companies and might issue, by the end of the first quarter, federal licenses for virtual asset service providers.
Binance is one among various firms considering establishing a bigger presence in the UAE.
Binance was founded in China in the year 2017 and hasn’t set up any global base as yet. In the recent months, the company executives have talked to the regulators in the UAE on the prospects of setting up a headquarters in the country. Other crypto companies too are looking to expand their local presence.
As per the data compiled by Chainalysis, the United Arab Emirates is the Middle East’s third-largest crypto market, trailing behind Turkey and Lebanon, with transaction volumes of about 26 billion dollars in the period from July 2020 to June 2021.
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