The world's largest bitcoin exchange is in the process of seeking a license to operate in Dubai.
Binance is currently in the process of obtaining a license to operate in Dubai, allowing it to expand its Middle Eastern presence. Bloomberg broke the story first, citing a "source familiar with the situation."
More so, Binance is hoping to be approved as a service provider in the Dubai World Trade Centre's 'free zone' as soon as feasible. This follows the EU's clarification that cryptocurrency "falls under the sanctions imposed by them upon Russia and Belarus."
A new law governing the governance of numerous virtual assets was recently passed in the country. Sheikh Mohammed bin Rashid Al Maktoum is working to establish the Arab State as the world's leading crypto hub.
Following this, Binance CEO Changpeng Zhao stated in response to Sheik Mohammed's tweet about the city's crypto future that it's critical to have regulatory clarity, adding that this new virtual asset regulation in Dubai is a huge step forward.
In addition, Binance and the Dubai World Trade Centre Authority (DWTCA) struck an agreement in December last year to develop and create Binance as a worldwide center for various virtual global assets.
This authority will be in charge of overseeing the issuance and trading of virtual assets, and organizations that offer crypto services must first obtain its approval.
The new regulatory body will also "monitor transactions and prevent virtual asset price manipulation," according to the press release.
For some years, the UAE government has taken a proactive approach to crypto assets. In 2018, the Dubai International Financial Center, for example, launched the "Court of Blockchain."
In a statement, Binance's head of MENA, Richard Teng, stated, "We appreciate this crucial milestone." "We will continue to work closely with the DWTC to help build Dubai as a world-class and forward-thinking crypto regulatory environment," says the company.
Note that Binance executives have met with UAE regulators in recent months to discuss the possibility of establishing a headquarters there.