Binance seeks to get crypto license in UAE: Report

Binance exchange is planning to get regulatory approval to offer its crypto services in Dubai from DWTCA.

Dubai is a tech-friendly region in the world. In the past few years, Dubai authorities showed huge negative stances on the crypto industry but at the end of last year, Dubai showed its friendly face for the crypto & blockchain industry to make Dubai a hub of tech innovation & cryptocurrencies. 

On 9 March, Bloomberg reported that a person, familiar with the Binance exchange’s current efforts, told that Binance exchange is in talks with Dubai World Trade Centre to get a virtual crypto assets license, to start its crypto offerings in Dubai along with its current efforts in the Middle East.

However Binance exchange and its Executive didn’t responded on this matter officially but Changpeng Zhao, CEO of Binance Exchange, quoted “first law governing virtual assets” of UAE and wrote that clarity always needed as an important thing and appreciated the move by the government agency. 

Binance in favour of Dubai to adopt crypto Industry 

Binance exchange is the first ranked crypto exchange in this industry in terms of the highest 24 hours trade volume. The Binance exchange team remains active to push the adoption of crypto in all possible ways, whether it is the adoption of blockchain technology or offerings of quality services. 

In December of last year, Binance signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to make Dubai a hub of digital assets. 

These things are Indications that Binance will get its crypto license to operate its services under the compliance of DWTCA easily. 

However, Binance already grabbed its regulatory approval from the Central Bank of Bahrain to operate its services in the Middle East. 

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