The leading crypto exchange firm, Binance, has just obtained a provisional permit to expand its operations from the Abu Dhabi authorities. The new development sees the crypto exchange company widen its presence in the Middle East after its previous expansion into Bahrain.
In an announcement over the weekend, Binance revealed that it had been granted provisional approval by the regulatory body to begin operating as a broker of digital financial assets in the Gulf region.
The crypto exchange service provider noted that the latest development is another step towards realizing its vision of providing exceptional digital asset services in Abu Dhabi.
Binance has been on a mission to cast its net far and wide where virtual asset transactions occur, and the Middle East appears to have the right environment for crypto businesses to flourish. Following last month’s event, where Binance obtained a license to operate in Dubai, Abu Dhabi is now the second city in the United Arab Emirates (UAE) to have given the firm the green light.
According to the CEO of Binance, Changpeng Zhao, the expansion drive is moving to other territories within the Middle East. And the company has since made efforts toward that.
Binance’s Next Destination
The leading crypto exchange platform has since decided to expand its operations to other world regions where cryptocurrency’s acceptance is rising with investor-friendly regulations. Both Africa and the Middle East are seen as the next destinations by investors due to the massive popularity of digital asset services, even though some authorities have spoken against them.
Meanwhile, the Middle East is where Binance seems to concentrate the most, as there have been official moves and policies to boost the operation of crypto-related services. Dubai has been the most vocal of the other regions as it aims to position the UAE as the leading digital asset hub globally.
The Dubai authorities have approved many policies and regulatory frameworks, making it an attractive prospect for interested investors in the crypto industry.
Regulatory Challenges
Binance has had a hard time with regulators in some parts of Europe where stiff conditions were given; the United Kingdom, last year, restricted the operations of Binance in Britain. Hence, the focus is now on Africa and the Middle East.
Other countries to have cautioned Binance includes Spain, Portugal, and the Netherlands. Moreover, Binance also pulled its services out of Singapore and Hong Kong after repeated warnings by the authorities that its operations violated local financial laws.
Following the blanket ban on cryptocurrency in China, Binance decided to shut down its operations in the communist nation. Although the company allowed its Chinese users to use its peer-to-peer (P2P) services, it had no choice but to shut it down following another crackdown by the Chinese authorities last year.
Binance is the leading crypto exchange platform in the world, with a daily trading volume transaction of more than $19 billion, ahead of its competitors like Coinbase, FTX, and Crypto.com.
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