1 thought on “Binance takes the UAE license again, and the Middle East becomes a new market for cryptocurrencies”
Duane
On April 10, according to Bloomberg, the world's largest cryptocurrency exchange, Binance, was approved by the UAE's capital Abu Dhabi Global Market, which means that Binance can operate here as a broker of virtual assets.
In previous regulatory permits from Dubai, as of now, Binance has obtained cryptocurrency supervision permits in the UAE's first and second largest cities.
The person in charge of the company's Middle East and North Africa, Richard Teng, said that although it has obtained a principled permission, Binance still needs to complete the application procedure.
The comprehensive permission of the Arab Emirates capital Abu Dhabi has been successful, Binance said it can provide virtual asset services to customers in the Middle East and North Africa through subsidiaries Binance (AD) LTD..
"Binance has been actively cooperating with global regulatory agencies such as ADGM as part of its continuous promise of maintaining global standards and jointly promoting the development of encrypted ecosystems and sustainable growth." Richard Teng Teng Teng Say.
The international financial center ADGM (Abu Dhabi Global Market) contains the largest virtual asset regulatory jurisdiction in the Middle East. Its executive ADGM Registration Authority Dhaher Bin Dhaher said, Binance has been approved in principle of ADGM, and they will support Binance to build a foothold in Abu Dhabi.
In a series of regulatory licenses, the Middle East has become an emerging market for cryptocurrencies. In particular, the UAE has become the preferred jurisdiction of the cryptocurrency exchange.
On March 16, Binance announced that it had obtained the virtual asset supervision license of Dubai, the second largest city of the UAE, and became the latest company to obtain a virtual asset license in Dubai. On the eve of the release, Dubai announced its new institution VARA, which is responsible for the supervision of virtual assets, and its leadership hopes to consolidate the city's position in the emerging global digital economy.
Cinance said that it means that it will be allowed to expand limited exchange products and services to investors and professional financial service providers who pass qualifications.
It at the same time in the Persian Gulf region of the Middle East, in addition to the UAE, Binance also obtained the regulatory license of the Balin central bank of the island country, which can provide cryptocurrency -related services locally.
is not just Binance. In the global market, its largest competitors are pouring into the Middle East. The FTX exchange is one of the main competitors of Binance and has a huge influence in North America. It has also obtained Dubai's virtual asset service provider (VASP) permit at the same time. After obtaining a license, FTX said it would plan to set up a regional headquarters in the UAE city.
and Dubai became one of the most likely new headquarters of Binance.
The founder and chief executive officer Zhao Changpeng, the founder and CEO of Binance, revealed at the end of March that he had purchased an apartment in Dubai in September 2021 and moved his family to Dubai.
So Dubai will become a new base for cryptocurrencies in the "foreseeable future". Zhao Changpeng revealed that a lot of employees in the company will follow him to this skyscraper in the next few months to this few months. Give cities.
In addition to the rapid progress in compliance in the Middle East, Binance also has a new trend in North America. On April 7, Binance US said on Wednesday The funds of more than 200 million US dollars were raised, and the valuation before the investment was 4.5 billion US dollars.
The United States of Binance said that investors participating in this round of financing include Rre Ventures, Capital, Origin Capital, VANECK and Circle Ventures, which is the company's first round of external financing.
At the same time, his founder Zhao Changpeng recently opened a business visit in Europe. In early March, he appeared in London and British government officials and was about to attend the cryptocurrency industry summit held in Paris, France.
On April 10, according to Bloomberg, the world's largest cryptocurrency exchange, Binance, was approved by the UAE's capital Abu Dhabi Global Market, which means that Binance can operate here as a broker of virtual assets.
In previous regulatory permits from Dubai, as of now, Binance has obtained cryptocurrency supervision permits in the UAE's first and second largest cities.
The person in charge of the company's Middle East and North Africa, Richard Teng, said that although it has obtained a principled permission, Binance still needs to complete the application procedure.
The comprehensive permission of the Arab Emirates capital Abu Dhabi has been successful, Binance said it can provide virtual asset services to customers in the Middle East and North Africa through subsidiaries Binance (AD) LTD..
"Binance has been actively cooperating with global regulatory agencies such as ADGM as part of its continuous promise of maintaining global standards and jointly promoting the development of encrypted ecosystems and sustainable growth." Richard Teng Teng Teng Say.
The international financial center ADGM (Abu Dhabi Global Market) contains the largest virtual asset regulatory jurisdiction in the Middle East. Its executive ADGM Registration Authority Dhaher Bin Dhaher said, Binance has been approved in principle of ADGM, and they will support Binance to build a foothold in Abu Dhabi.
In a series of regulatory licenses, the Middle East has become an emerging market for cryptocurrencies. In particular, the UAE has become the preferred jurisdiction of the cryptocurrency exchange.
On March 16, Binance announced that it had obtained the virtual asset supervision license of Dubai, the second largest city of the UAE, and became the latest company to obtain a virtual asset license in Dubai. On the eve of the release, Dubai announced its new institution VARA, which is responsible for the supervision of virtual assets, and its leadership hopes to consolidate the city's position in the emerging global digital economy.
Cinance said that it means that it will be allowed to expand limited exchange products and services to investors and professional financial service providers who pass qualifications.
It at the same time in the Persian Gulf region of the Middle East, in addition to the UAE, Binance also obtained the regulatory license of the Balin central bank of the island country, which can provide cryptocurrency -related services locally.
is not just Binance. In the global market, its largest competitors are pouring into the Middle East. The FTX exchange is one of the main competitors of Binance and has a huge influence in North America. It has also obtained Dubai's virtual asset service provider (VASP) permit at the same time. After obtaining a license, FTX said it would plan to set up a regional headquarters in the UAE city.
and Dubai became one of the most likely new headquarters of Binance.
The founder and chief executive officer Zhao Changpeng, the founder and CEO of Binance, revealed at the end of March that he had purchased an apartment in Dubai in September 2021 and moved his family to Dubai.
So Dubai will become a new base for cryptocurrencies in the "foreseeable future". Zhao Changpeng revealed that a lot of employees in the company will follow him to this skyscraper in the next few months to this few months. Give cities.
In addition to the rapid progress in compliance in the Middle East, Binance also has a new trend in North America. On April 7, Binance US said on Wednesday The funds of more than 200 million US dollars were raised, and the valuation before the investment was 4.5 billion US dollars.
The United States of Binance said that investors participating in this round of financing include Rre Ventures, Capital, Origin Capital, VANECK and Circle Ventures, which is the company's first round of external financing.
At the same time, his founder Zhao Changpeng recently opened a business visit in Europe. In early March, he appeared in London and British government officials and was about to attend the cryptocurrency industry summit held in Paris, France.