Following its European expansion, the world’s largest crypto exchange will soon launch its service in the UAE. Binance has revealed that it intends to begin operations in the United Arab Emirates early next month.
Binance is set to offer a fully regulated crypto service across multiple regions in the UAE. The exchange is pushing to establish its presence in the Middle East as it continues its global expansion.
As early as June, the crypto exchange giant will begin operations in the Middle East after previously securing a license. The Emirati authorities from Abu Dhabi, Bahrain, and Dubai have approved Binance’s applications over the past few weeks.
Binance to Comply with Regulations
According to the company’s CEO, Changpeng Zhao, the exchange works closely with some local financial institutions. Binance wants to ensure a smooth takeoff of its operations in the Middle East and is working toward achieving it.
As a result, the leading crypto exchange has hired local compliance experts to navigate any regulatory slopes on the way. CEO Zhao noted that the platform wants to comply with established regulatory guidelines.
Richard Teng, Binance’s regional chief for the Middle East and North Africa, explains Binance’s vision for the region. According to Teng, Binance wants to make crypto adoption in the area a reality. The exchange also wants to improve the digital economy across the Emiratis.
Teng further added that regulators have been supportive of Binance’s move to develop the Web3 ecosystem. And crypto assets are a critical part of virtual space development.
Binance will help in adopting cryptocurrency trading alongside the development of another aspect of the digital economy. Zhao added that opportunities abound, and Binance is ready to make them count for the progress of the Emirati digital space.
However, Binance has failed to make inroads in France after the authorities declined its initial application. Meanwhile, there is speculation that the exchange is also waiting for approval from Germany.
Despite its seeming collision with regulatory bodies, Binance is still one of the most compliant crypto exchanges. It is reported to be the first exchange to ban Russian users on its platform following the invasion of Ukraine.
Push toward the Gulf Region and Europe
Changpeng Zhao, the Binance CEO, was a regular visitor to the Gulf region, where he attended several meetings. The CEO has been the driving force toward the push for the company’s expansion in the Middle East and Europe.
Binance secured approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows Binance to offer digital asset products and services to investors. At the same time, the Bahrain market regulators also approved Binance’s operation request.
Moreover, In April, the crypto exchange was licensed as a broker-dealer for digital financial assets in Abu Dhabi. This marked another milestone in the company’s quest to achieve regulatory approval. It is also a sign of Binance’s growing influence in the crypto space in the Gulf region.
Binance is ready to take the crypto market by storm.