Binance in Talks to Obtain Dubai License Amid Middle East Push: Report
The move comes as Dubai adopts its first law governing virtual assets.
Binance Holdings is in talks to obtain a license to operate in Dubai, Bloomberg reported Wednesday, citing a person familiar with the matter.
- The crypto exchange, the world’s largest by trading volume, is in talks with the Dubai World Trade Centre free zone to acquire a license to operate as a virtual asset service provider, according to Bloomberg’s source.
- In December, Binance signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to help establish Dubai as a new industry hub for Global Virtual Assets.
- In a tweet on Wednesday morning, Binance CEO Changpeng Zhao praised Dubai’s adoption of its first law governing virtual assets, which included establishing a regulator to oversee such assets. “Regulatory clarity is so important. This new virtual asset law in Dubai is a great step forward,” Zhao wrote.
- Binance has already received preliminary approval from Bahrain’s central bank to become a crypto asset service provider there, according to Bloomberg.
- Binance did not immediately respond to a request for additional comment.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.