Thursday, May 23, 2024
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Binance is in discussions to get a Dubai licence to provide virtual asset service

As per information from sources, Binance Holdings is in negotiations to seek a licence to operate in Dubai. Binance is currently the world’s largest cryptocurrency exchange in terms of the trading volume. It is in negotiations with the Dubai World Trade Centre (DWTC) free zone to obtain a licence to operate as a virtual asset service provider. In DWTC, a free zone licence is a fundamental document necessary to conduct business within the free zone. Free zone permits empower businesses of all sizes, including startups and SMEs to major multinationals, to a variety of advantages while operating in Dubai.


Binance struck an agreement with the Dubai World Trade Centre Authority (DWTCA) in December to assist in the establishment of Dubai as a new industrial centre for Global Virtual Assets.


Binance CEO Changpeng Zhao applauded Dubai’s passage of its first law governing virtual assets, which includes the establishment of a regulator to monitor such assets, in a tweet. On Wednesday morning, it termed the new virtual asset law as a huge step forward as regulatory clarification is essential.


As per information, Binance has already gained preliminary clearance from Bahrain’s central bank to become a crypto asset service provider there.

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