On Wednesday, March 16, Binance became the second international company after FTX Europe to receive a license to operate in Dubai under the new legislation adopted in the emirate a week before. At the same time, the Chinese cryptocurrency exchange became the first company to receive such a license in Bahrain.
Binance is the largest crypto platform in the world. In a press release published on the same day, the company indicated that the new license will allow it to provide its services to a pre-selected number of investors and professionals in the field of finance.
The company also intends to help the Dubai authorities in creating a healthy and modern crypto market in the region. Binance will function as part of VARA (Virtual Asset Regulatory Authority) in the first stages of the latter's work. In particular, this will concern cooperation with FATF in the fight against international money laundering in the use of cryptocurrencies.
Earlier, in December 2021, Binance reached an agreement with Dubai World Trade Center (DWTC) on the intention to create on its basis the largest hub in the region for the development of the crypto sector, regulation of cryptocurrencies, products, operators and exchange platforms.
The Middle East crypto market is one of the fastest growing in the world. In the period from 2020 to 2021, it received more than USD 271,700,000,000 in the form of cryptocurrencies. This is about 6.6% of all such assets in the world.
Binance was founded in China in 2017. Its headquarters are located in the Cayman Islands and Seychelles. Recently, the company has attracted close attention from regulators in the United States, Great Britain, Europe and China.