Binance Considers Obtaining a License to Operate in Dubai

Binance Discusses Crypto License

March 16, 2022

Reading Time: 2 minutes

Binance Holdings Ltd. is now in the process of obtaining a license to operate in Dubai, increasing its foothold in the Middle East.

According to Bloomberg, Binance is negotiating a virtual asset service provider license with the Dubai World Trade Centre free zone.

The new action follows Bahrain’s in-principle acceptance of Binance as a crypto-asset service provider in the country.

Binance also secured a deal with the Dubai World Trade Centre Authority in December to build an industrial hub for virtual assets. Binance will help Dubai achieve its goal of driving economic development through digital innovation.

This body will be in charge of overseeing the issue and trading of virtual assets, and firms offering crypto services must first obtain its permission. Furthermore, the new regulatory organization would monitor transactions and prevent price manipulation of virtual assets.

The newest news for the crypto industry and authorities comes with claims of Dubai becoming the go-to spot for Russians.

Binance Eyes on Dubai As Russian Capital Pours In

Several crypto companies in the United Arab Emirates (UAE) reported significant crypto sales orders over the weekend.

According to Al Jazeera, Russians see the UAE as a haven. Russian consumers are placing crypto sales orders worth billions of dollars and purchasing real estate using cryptocurrency. According to reports, one sale order alone was for 125,000 Bitcoin (BTC).

According to recent reports, Russians can avoid sanctions by relocating or liquidating assets in the UAE. It remains to be seen whether the United States and other countries would penalize the UAE because of its neutral position and support for Russians.

The US administration warned China this weekend that there would be consequences for assisting Russia in evading sanctions.

A comparable warning to the UAE, for Binance, may result in more regulatory scrutiny, particularly in NATO nations like the United States and the United Kingdom.

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