Binance Holdings Ltd. is currently in deliberations over a license to operate in Dubai, thereby boosting its presence in the Middle East.
This was first reported by Bloomberg, citing a ‘person familiar with the matter’.
Binance anticipates an accreditation to operate as a service provider in the Dubai World Trade Centre ‘free zone’ as soon as possible. This comes after the EU clarified that crypto ‘is falling under the sanctions imposed by them upon Russia and Belarus’.
The country recently passed a new law regarding the governance of various virtual assets.
Sheikh Mohammed bin Rashid Al Maktoum is attempting to propel the Arab State forward as the preeminent global crypto hub.
“Regulatory clarity is so important. This new virtual asset law in Dubai is a great step forward”, Binance CEO Changpeng Zhao said in a retweet of Sheik Mohammed’s regarding the city’s future in Crypto.
In December last year, Binance signed an agreement with the Dubai World Trade Centre Au
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