Binance, a cryptocurrency exchange, is in talks with the Dubai World Trade Centre free zone. A successful verdict would strengthen its position in the Middle East even further.
People are considering Binance Holdings Ltd as the globe’s largest centralized crypto exchange by trading volume. They will be negotiating with Dubai officials about obtaining a license to operate in the Gulf city-state. According to a source acquainted with the situation, approving the license will enable the corporation to expand its activities throughout the Middle East.
Furthermore, Binance has already gained preliminary authorization from Bahrain’s central bank. They will be operating as a crypto-asset network operator in Dubai’s bordering country. At present, Binance is already talking with the Dubai World Trade Centre free zone about the said project.
Dubai will Hire the World’s Largest Crypto Firms
In a concerted endeavor to create a local port for the crypto business, Dubai is on a mission to recruit several of the world’s largest cryptocurrency businesses. The United Arab Emirates, among which Dubai is a part, is on track to grant government permits. In addition, they will be giving the permit to the virtual asset business operators by the end of the first quarter.
Furthermore, Binance CEO Changpeng CZ Zhao has established himself as a mainstay in the state’s cryptocurrency industry. As per Bloomberg, Dubai passed legislation regulating digital commodities on Wednesday. Binance’s head of MENA, Richard Teng, remarked in a statement that this would be a significant milestone.
They are continuing to collaborate with the DWTC. Moreover, they will be assisting the development of Dubai as a world-class and forward-thinking cryptocurrency regulating hub.
The industry’s request for licensing and registration in Dubai may be interpreted as an effort to establish a presence in the area. Changpeng “CZ” Zhao was able to create Binance in China in 2017. However, the location of the company’s headquarters is a point of contention among the company’s executives.
In recent months, corporate officials have met with UAE authorities to discuss the possibility of establishing a headquarters there.
UAE Leads the Globe in Virtual Assets
Binance is much further the first cryptocurrency startup aiming to set up shop or extend its operations in the Gulf and the Middle East. The UAE is swiftly becoming a worldwide leader in allowing virtual asset regulation.
This is according to Ola Doudin, the CEO of BitOasis. BitOasis is the state’s premier digital asset services provider. They are entirely dedicated to working with the UAE. Hence, they will be supported and will be authorized by authorities throughout the UAE.
Furthermore, With such a trading volume of almost $26 billion, the UAE is really the Middle East’s third-largest crypto market. Turkey and Lebanon are following them as per statistics collated by Chainalysis from July 2020 to June 2021.
As per CryptoSlate, Binance is exploring different business fields outside of crypto. They are attempting to develop themselves in an expanding number of places. Finally, the company is eager to grow its business throughout every economic area since it has successfully mastered bitcoin.
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