The crypto exchange has already received preliminary approval from Bahrain, a neighboring emirate

​Binance has applied for a license in Dubai

11.03.2022 - 08:20

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1 min

What’s new? The world’s largest crypto exchange by trading volumes, Binance, has begun talks with the Dubai authorities about licensing its activities in the region, Bloomberg reports. The company has already received preliminary approval from the Central Bank of Bahrain to provide its services in the neighboring emirate. According to the company’s representative, this move will help Binance gain a foothold in the Middle East.

Bloomberg’s material

What is the situation with cryptocurrencies in the UAE? The Emirates is looking to attract major crypto companies, with the Dubai government previously announcing the creation of a program to promote and develop digital assets. Richard Teng, head of MENA (the Middle East and North Africa) stated:

“We welcome this important development. We continue to work closely with the DWTC to help establish Dubai as a world-class and progressive crypto regulatory environment.”

In March, the Dubai authorities created a new regulatory authority for cryptocurrencies that will monitor the digital companies’ activities.

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