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Now it's official: Binance gets approval in Dubai

 


Market-leading crypto exchange Binance confirmed today that it has received a permit to operate in Dubai. This allows the crypto trading platform to further expand its dominance in the Middle East, as it also received a corresponding approval in Bahrain this week .


With the Virtual Asset Provider (VASP) license, Binance can set up its quarters in the emirate and offer its crypto services completely legally to both qualified investors and financial institutions in the future.


Dubai is one of the seven emirates that make up the United Arab Emirates (UAE). In the common economic zone, 22 VASPs are already authorized as crypto trading platforms under the new Virtual Assets Exchange (VAX) license. The crypto exchange FTX was the first trading platform in Dubai to obtain such approval this week .


Binance is following suit in the Middle East with the new license, because the market leader was able to secure approval for Bahrain on March 15 and thus further establish its own range of services in the Arab world.


Both Bahrain and the United Arab Emirates are taking an innovation-friendly approach to cryptocurrencies in order to become an attractive location for the industry. For example, the Central Bank of Bahrain (CBB) also successfully tested JPMorgan’s crypto payment system in January 2022.


The introduction of a new crypto law was an important step for the UAE to “encourage the growth of the industry and protect investors,” according to Prime Minister Sheikh Mohammed bin Rashid Al Maktoum himself.

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